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Exro’s CEO Corporate Update Letter | 2020-09-03 | Press Releases

Exro’s CEO Corporate Update Letter | 2020-09-03 | Press Releases 2020-09-03Leave a comment

Exro’s CEO Company Replace Letter | 2020-09-03 | Press Releases

  • A mirrored image on the primary twelve months as CEO
  • Sturdy monetary place with current $8M elevate in July
  • On schedule to shut eight industrial partnerships

CALGARY, AB / ACCESSWIRE / September 3, 2020 / Exro Applied sciences Inc. (CSE:XRO)(OTCQB:EXROF), a number one expertise firm which has developed a brand new class of energy electronics for powertrains shares a company replace from the CEO, Sue Ozdemir.

Expensive Fellow Shareholders:

It is onerous to consider that’s has been a yr since I joined Exro. The previous 12 months has been so rewarding as we innovate and remodel our enterprise. We’re positioning ourselves to turn into leaders as we use the facility of our expertise to remodel the way in which the world appears at vitality consumption. I consider we now have the best platform to achieve success.

I’m extraordinarily happy with the those who encompass me, all who play a important position in our success. Exro has invested in our expertise, our folks and our future. Because of your help we will finance our progress and proceed to ship on our milestones and in direction of our long-term technique.

We now have been establishing our place within the market: our mission “Minimal Vitality, Most Outcomes” has turn into a guiding mild for us to proceed to develop new and modern methods to make the most of our expertise and turn into a market chief in superior energy electronics inside the mobility area. On all fronts we’re executing in response to our expertise roadmap and the second half of the yr is already shaping as much as help us in our expectations for the rest of 2020.

Prioritizing our Partnerships

Our workforce is continuous to focus our consideration on co-development with our partnerships. We’re on schedule for all our industrial developments and anticipate the 100V Coil Driver proof of idea to be delivered in early This autumn. This can present the primary proof of idea in an electrical automobile later this yr. My dedication in September 2019 was to enter into eight industrial partnerships by finish of 2020. For the reason that final company replace in April we’ve got been profitable in securing 3 further partnerships. This places us at 7 offers and leaves us a minimum of yet another deal by the tip of the yr. We now have a powerful pipeline and are optimistic in our potential to satisfy our dedication to eight offers by the tip of 2020. Additional, we’re gaining world presence as our companions ship purposes in North America, Australia, and Europe.

All of our partnerships present important steppingstones to our marketing strategy. Demonstrating the flexibility of our expertise, we’re working with all the things from a two-wheel electrical bike to a fleet supply van. Our progress continues to ship proof of ideas to the market in quite a lot of totally different purposes and energy rankings; offering us the muse to broaden the enterprise with bigger partnerships sooner or later. All our companions have been rigorously chosen to assist showcase our versatility and scalability. This demonstrates our potential to offer our coil-driver expertise each in micro purposes and huge, excessive efficiency purposes. We now have lots of room for progress and with our execution on these eight partnerships, we can speed up our conversations and remodel the mobility market without end.

Superior Energy Electronics Know-how

The engineering workforce has been working onerous to ship the subsequent part of the Potencia Industrial, S.A. DE C.V. (“Potencia”) mission in early This autumn. This Coil Driver will show our capabilities in an electrical automobile in Mexico Metropolis. In parallel, we proceed to develop the 400v and 800v drivers for different clients. A few of our subsequent milestones might be:

November 2020- supply to Potencia (electrical automotive utility)

That is an particularly pivotal mission for Exro as it is going to turn into the platform design, lowering design time for future partnerships. It additionally serves as our first in-car utility, demonstrating our potential to remodel the automotive energy electronics business.

December 2020 – the IBMS (Clever Battery Administration System) proof of idea. With the analysis part now behind us, this expertise improvement will permit us to offer take a look at bench information to help our simulations and make sure that we’re in a position to present an answer for first life batteries for use in second life purposes, corresponding to stationary storage for instance.

This autumn 2020 – We anticipate the 8th deal might be one more illustration of the flexibility and scope of our innovation. We put lots of effort into how every partnership contributes in direction of our future progress plan. Discovering companions that ship a brand new section, new geography or new utility is a part of securing our footprint in lots of market segments. This can place us for a sturdy and sustainable future.

Early 2021 (Q1)- supply to Zero Bike (“Zero”) (electrical motorbike utility)

In case you have not heard of this firm, you need to go to their web site at www.zeromotorcycles.com. Zero is a world chief in electrical bikes and this mission will show our “supercharger” skills as we offer optimized efficiency for an already nice expertise.

Clever Electrification

As we proceed to evolve our model, I needed to make clear the important thing elements of our expertise and our give attention to the mobility section:

1. Coil Switching Know-how

That is the core patented expertise for Exro, permitting us to create two torque profiles inside a motor. This gives the power to supercharge a powertrain, to get extra with much less vitality consumed, to cut back further motors and/or gearboxes. It has opened lots of dialogue with our current and potential companions on how we will optimize a powertrain and alter the paradigm on vitality consumption. “Minimal Vitality, Most Outcomes”.

2. IBMS

We’re persevering with to innovate and develop our IBMS (Clever Battery Administration System). The outcomes up to now have been favorable and we’re working in direction of the utilization of an IBMS Inverter that may permit first life batteries for use in secondary life purposes like stationary storage. I’m assured which are IBMS expertise will present an answer to the limitations for second life purposes. The Proof of idea might be accomplished by finish of the yr and can show our potential to offer a bankable and technically securable second life battery vitality storage system.

Subsequent milestone: Dec. 2020 supply of proof of idea, pilot utility in Q1

3. Generator

We’re at the moment centered on the mobility section and quite a lot of traction purposes. Nonetheless, the expertise shouldn’t be tied to a particular kind of motor or generator. Most vast torque purposes with a mixed want for pace (manufacturing) and torque are good alternatives for Exro. We proceed to work with potential companions in quite a lot of purposes that may show our expertise’s strengths, versatility, and optimization outcomes.

The give attention to the mobility section is a strategic choice to speed up us to changing into a market chief. Virtually all mobility purposes include propulsion: which means that they’ve an ideal torque curve for our expertise and supply the muse for the superior optimization. The mobility utility consists of all the things from a scooter, to an e-bike, to an e-bus but in addition consists of mining haul vehicles, elevate vehicles, off highway autos, trains and the record goes on! This isn’t a sign of the one section we will take part it however an optimum place for us to focus and turn into leaders in.

Calgary is now residence

It’s taking a bit extra time than anticipated as shifting and constructing a brand new facility is a mixture of ups and downs. Our lab area is Victoria was formally closed in June and we’ve got moved all of our tools to Calgary. As well as, we’ve got ordered our new, giant dyno bay permitting us to last take a look at our bigger drivers. The Calgary workplace area is now open, and our workforce is having fun with collaborating collectively within the workspace. We at the moment are working with our contractors to finish the testing lab and have all the things able to share with clients and all of you. Tentatively we’re taking a look at an “official” opening date in late October. For anybody coming via the Calgary space please be at liberty to achieve out for a go to. Resulting from Covid-19, we’re solely permitting guests by appointment. This has allowed us to maintain a protected work atmosphere for our staff and their households. For our opening in late October we’ll host a number of small occasions so everybody can share within the success from all of the onerous work over the previous months that received us to this stage.

Constructing Model Consciousness

We proceed with our efforts to construct an ideal firm and lift consciousness of the Exro expertise. There was some nice protection over the previous few months that helps to advertise our model.

Two of my private favorites are;

We’re engaged on a brand new web site and different campaigns that may proceed to advertise our model and construct our future. Our new advertising and marketing technique will help our current developments as we drive scalable commercialization.

Abstract and Wanting Ahead

I’ve shared a number of of our achievements and am very excited concerning the time forward. We’re in an ideal place to execute on our commitments. Our workforce is motivated, engaged and assured within the developments forward and searching ahead to sharing extra excellent news with all of you.

Our progress plan is one that may maintain us for a vibrant future. It takes time to construct a masterpiece however we’ve got the paint, the brushes, the canvas and all of the artists we have to make it occur.

For the steps forward I encourage you to look at for:

  • Completion of our Innovation Middle
  • The proof of idea for the 100V Coil Driver. This can be a main milestone for Exro, because it demonstrates the power to switch a conventional inverter in an electrical automobile with our first to market Clever Coil Driver
  • The 8th deal- our dedication is eight by finish of 2020. There may be by no means a assure, however we’re very inspired concerning the progress to a future announcement
  • Constructing our board of administrators to help our give attention to the mobility section

The world we function in continues to offer unprecedented challenges. I’m proud to characterize the workforce at Exro and to proceed delivering on our commitments. Our monetary place is powerful and our workforce is motivated to ship. Over the previous twelve months we’ve got invested closely in our enterprise and we’ve got cast the trail for our profitable future.

I wish to thank every and everybody of you on your continued help of Exro, your perception in me and my potential to take us to the subsequent degree. Our aim stays to alter the way in which the world appears at vitality consumption: Minimal Vitality, Most Outcomes. We now have the best workforce, the best expertise, the best marketing strategy and the best tradition to make it occur.

Sincerely

Sue

Sue Ozdemir

Chief Govt Officer

About Exro Applied sciences Inc.

Exro is a Clear Tech firm that has developed a brand new class of management expertise for electrical powertrains. Exro’s superior motor management expertise, our “Coil Driver”, expands the capabilities of electrical motors and powertrains. The Coil Driver permits two separate torque profiles inside a given motor. The primary is calibrated for low pace and excessive torque, whereas the second gives expanded operation at excessive pace. The power to alter configuration permits effectivity optimization for every working mode, leading to total reductions in vitality consumption. The controller routinely and seamlessly selects the suitable configuration in actual time in order that torque demand and effectivity are optimized. Exro gives a brand new resolution for system optimization via implementation of its expertise which may yield the next outcomes: elevated drive cycle effectivity, decreased system quantity, decreased weight, expanded torque and pace capabilities. Exro permits the appliance to attain extra with much less vitality consumed.

For extra info go to our web site at www.exro.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Sue Ozdemir, Chief Govt Officer

CONTACT INFORMATION

Canada: Jake Bouma

VP of Investor Relations

604-317-3936

United States: Vic Allgeier

TTC Group Inc.

646-841-4220

E mail: info@exro.com

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This information launch comprises forward-looking statements and forward-looking info (collectively, “forward-looking statements”) inside the which means of relevant securities legal guidelines. All statements, aside from statements of historic information, are forward-looking statements. Typically, forward-looking statements might be recognized by means of terminology corresponding to “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such phrases, or statements that sure actions, occasions or outcomes “could”, “may”, “would”, “may”, “might be taken”, “happen” or “be achieved”. Ahead wanting statements contain dangers, uncertainties and different elements disclosed below the heading “Danger Components” and elsewhere within the Firm’s filings with Canadian securities regulators, that might trigger precise outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking statements. Though the Firm believes that the assumptions and elements utilized in making ready these forward-looking statements are affordable based mostly upon the data at the moment obtainable to administration as of the date hereof, precise outcomes and developments could differ materially from these contemplated by these statements. Readers are due to this fact cautioned to not place undue reliance on these statements, which solely apply as of the date of this information launch, and no assurance might be provided that such occasions will happen within the disclosed instances frames or in any respect. Besides the place required by relevant regulation, the Firm disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not because of new info, future occasions or in any other case.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

SOURCE: Exro Applied sciences Inc.

View supply model on accesswire.com:

https://www.accesswire.com/604639/Exros-CEO-Corporate-Update-Letter

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