Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed new-generation power control electronics which expand the capabilities of electric motors and batteries, signed a Memorandum of Understanding (“MoU”) for strategic partnership (“the partnership”) with a European-Based automotive industry supplier. According to the announcement, the MOU outlines the opportunity to strengthen Exro’s market presence with access into the partner’s customer network for both automotive and off-highway applications. The agreement also notes that the strategic partner, which has more than 25,000 employees worldwide, will remain unnamed under a nondisclosure agreement (“NDA”) during phase 1 of the collaboration, which should end later this year. The partnership is designed to leverage Exro’s Coil Driver(TM) technology and the partner’s motor design capabilities to develop next-generation powertrain solutions to serve the truck and bus electric commercial vehicle market and off-highway applications. “We are absolutely thrilled to welcome our next strategic partner,” said Exro CEO Sue Ozdemir in the press release. “While we would love to disclose the identity of our new partner at this time, we are conscious of the industry conditions today with companies being sensitive of existing supply chains and protective of new relationships for competitive reasons. What we can disclose, however, is that our new partner has a strong reputation as a leading technology provider to the automotive industry as well as major off-highway applications, marking a tremendous validation of our technology and its potential to scale across multiple platforms. With both companies’ core values directly aligned in a commitment to sustainability, we look forward to revealing our new partner in the near future and building a successful relationship that translates into significant value for our customers and our shareholders.”
To view the full press release, visit https://ibn.fm/WPtPW
About Exro Technologies Inc.
Exro Technologies is a leading clean-technology company that has developed new-generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver) and stationary energy storage (Cell Driver), and act to accelerate adoption toward a circular electrified economy by delivering more with less — minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
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