Strategic Partnership Agreement Framework (April 17th 2023) The strategic partnership is intended to leverage Exro’s Coil Driver™ technology and Wolong’s design, manufacturing, and supply capabilities to develop next-generation electric vehicle (“EV”) powertrain solutions for electric commercial vehicles and off-highway applications in the Americas, with the future possibility of licencing the Exro inverter to Wolong for use in Asia. The relationship between the parties has developed under NDA over a period of many months. Under phase one of the agreement, Exro will test motors provided by Wolong and develop a complete motor-inverter system offering for light, medium, heavy duty and off highway applications. Dynamometer testing of the system is anticipated to be completed by the end of Q4 2023. Following successful completion of automotive dynamometer testing, the parties shall transition to phase two of the agreement which will outline volume targets, sales and marketing plans, price and production targets, and compensation models.
Exro’s Value Proposition to Wolong
Exro designs, develops, and manufactures advanced power electronics controls for electric vehicles. The power controller inside every electric vehicle is called an inverter, which is essentially the brain between the battery and the electric motor. An electric motor is only as smart as the controller telling it how to behave. While advancements in components (ex. SiC) have improved inverter technology over the years, the core technology behind the standard 3-phase inverter inside of every electric vehicle today has remained unchanged – until now. Exro’s patented Coil Driver™ takes the prior-art physics of coil-switching and provides the ability to control an electric motor at the individual coil level through the power electronics. This coil-level control provides the ability to switch motor profiles in real-time to deliver two separate speed-torque profiles from the same motor, effectively acting like an electronic gear to expand the operating range of the motor. This functionality is not offered by any other inverter on the market today. While the Coil Driver™ performs the same functions as every standard 3-phase inverter, the Coil Driver™ allows electric vehicle OEM suppliers like Wolong the ability to offer its customers significant flexibility in design while providing differentiated vehicle performance:
1) Increased torque and power output. The Coil Driver™ increases powertrain performance by up to 50%. For electric commercial trucks and buses, this translates to improved gradeability, better performance on steep routes, and expansion of routes a vehicle is capable of travelling.
2) Improved efficiency. The Coil Driver™ delivers increased performance without sacrificing range. Improved efficiency translates into range of the vehicle, extending routes and lowering overall spend on charging.
3) System cost reduction. Implementation of Exro’s technology can lower the vehicle powertrain cost by up to 20% by optimizing the system to reduce weight and complexity: reducing (or eliminating) components such as multiple motors, mechanical gearboxes, battery size, etc.
4) AC fast-charging. Native to Exro’s high-voltage Coil Driver™ products is an ability to AC fast-charge, eliminating the need for an on-board charger (currently a standard component in all electric vehicles). The ability to fast charge using AC instead of DC power leads to potential cost savings of up to 90% on infrastructure.