Exro names Re:Build Manufacturing its manufacturing partner and announces new partnerships

CALGARY — Exro Technologies Inc., a clean-technology company that develops power-control electronics that expand the capabilities of electric motors and batteries, provided an update on commercialization efforts for its Cell Driver™ Energy Storage System. Re:Build Manufacturing is now Exro’s exclusive manufacturing partner for Cell Driver™. Exro also announces new channel sales partnership agreements with renewable energy and energy management integrators that provide access to commercial and industrial markets in California, Colorado, Florida, the Caribbean, and regions within Canada.

“We continue to make steady progress advancing our go-to-market strategy for our Cell Driver™ technology in order to satisfy the growing demand for energy storage,” said Exro CEO Sue Ozdemir. “Our partnership with Re:Build provides us the ability to leverage a world-class manufacturing partner to immediately scale operations and eliminate from our balance sheet the significant capex and working capital that would otherwise be required. In addition, our new channel partners amplify our reach to commercial and industrial customers who want to save money on increasing utility costs, secure a reliable backup source of energy, and contribute to the sustainability of the communities in which they operate. As we prepare to achieve UL certification in the next few months and scale our energy storage business, this opportunity to unlock value for our shareholders is significant.”

Re:Build Manufacturing is a network of businesses that combine technologies with operational abilities in aerospace and defense, cleantech, health, industrial equipment, lifestyle, and mobility. The company’s background is in product innovation, advanced components, systems production, and industrial automation.

Under the partnership, Exro will provide Re:Build with the battery control system power electronics and Re:Build will be the exclusive manufacturer of Exro’s Cell Driver™ cabinets for an initial term of five years. In exchange for this exclusivity, Re:Build will pass along to Exro 50% of any savings created by the manufacturing process. Re:Build will also set up and manage a highly efficient supply chain that will include components it manufactures and those it purchases, and it will assemble and test the finished products. Re:Build will be responsible for all capital expenditures, supply chain, and inventory working capital requirements associated with manufacturing the Cell Driver™. Built in the United States, the Cell Driver™ will also qualify for ‘Buy America’ incentives available to customers.

Exro’s go-to-market strategy for its Cell Driver™ Energy Storage system is to access C&I markets through a network of renewable energy, energy management, and electric vehicle charging infrastructure integrators and distributors that provide access across North America. This strategy is intended to accelerate and amplify Exro’s market presence, targeting these channel partners growing demand for energy storage in C&I applications as well as EV charging stations. Over the course of the last two months, Exro has onboarded new channel partners that provide access to customer networks in California, Colorado, Florida, the Caribbean, and regions within Canada. These channel partners have been trained on Cell Driver™ and are currently marketing and quoting the technology with solar energy, electric vehicle charging infrastructure and energy management projects. A summary of these new partners is provided below.

Having now completed two of the three certification phases, Exro’s Cell Driver™ is on track to complete UL certification in early Q3 2023, pushed back by approximately three weeks due to scheduling at UL’s certification laboratories.