Exro signs MoU with European-based global automotive supplier

CALGARY — Exro Technologies Inc., signed a Memorandum of Understanding (MoU) for strategic partnership with an undisclosed development partner (NDA), a multi-national company that is a direct supplier to the global automotive industry.

As is customary with such partnerships, following successful proof-of-concept co-development, which in this case consists of demonstrating performance of the partner’s motor with Exro’s standard L040 800V Coil Driver™ inverter product (Coil Driver™), the partnership will transition to definitive agreement. The partnership aligns with Exro’s targeted go-to-market strategy for its patented Coil Driver™ technology, partnering with leading global tier-1 automotive suppliers that accelerate and amplify Exro’s market presence.

“We are absolutely thrilled to welcome our next strategic partner,” said Exro CEO Sue Ozdemir. “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.”