Production Facilities ; Big News News for EXRO Exro to Launch Calgary Facility with Automotive Class Manufacturing 2021-03-31 07:00:00 AM ET (CNW Group) -- Exro will launch a facility in Calgary featuring 37,000 square feet of production lines, product showrooms, and office spaces -- The new facility will have the capability to produce up to 100,000 units per year across all the Coil Driver products with automotive industry certifications -- Opening targeted for late Q4 2021 and automotive certified production by the end of 2022 Exro Technologies Inc. (TSXV: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company which has developed a new class of power electronics for electric motors and batteries, is pleased to announce it is launching a facility (the "facility" or "new facility") in Calgary with automotive class manufacturing. The new facility will feature 37,000 square feet of production lines, product showrooms, and office spaces capable of producing units for the entire Coil Driver product line. The facility will also embrace clean energy solutions including solar power and battery energy storage solutions with a net zero carbon emissions objective. This will bring new clean technology jobs to Calgary across functions like engineering, operations, supply chain, and more. Providing a foundation for the Company to grow over the next three years, the capacity of the facility is being designed to deliver up to an estimated 100,000 units per year across all the Coil Driver products, encompassing the entire product roadmap. This supports Exro's strategic milestones to focus on low-volume manufacturing while still utilizing manufacturing partners and licensing contracts for future high-volume manufacturing. The opening of the new facility will set the stage for Exro to execute on its strategic roadmap as a supplier to the automotive industry. It will be outfitted to meet certifications for ISO 9001:2015(1), IATF 16949(2), and ISO 26262(3) compliant product development. This is a major step forward for the Company in delivering high-quality and reliable commercial products to the regulated consumer automotive markets. Functional safety and quality management system planning is already underway and will be held to the highest regard to meet the expectations for optimized product delivery. The doors are planning to be opened before the end of 2021 for employees and automotive certified production by the end of 2022. "The launching of our new facility in Calgary is a reflection of our dedication to execute on our deliverables," commented Sue Ozdemir, Chief Executive Officer of Exro. "This substantiates our cost-effective automotive market strategy and further establishes Exro's position as a power electronics company." Exro's current Calgary facility will continue to be a source for low-volume commercial products to the less regulated mobility applications with in-house design, testing, and assembly. It will remain the core innovation center for research and development, design and testing, and piloting prototypes for Coil Drivers, Battery Control Systems, and future technologies. 1 ISO 9001:2015 specifies requirements for demonstrating the ability to consistently provide products and services that meet regulatory requirements and aims to enhance customer satisfaction. 2 IATF 16949 is the global automotive industry standard for quality management systems. 3 ISO 26262 addresses safety-related systems that include one or more electrical systems that are installed in series production passenger cars. About Exro Technologies Inc. Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed. Exro's advanced motor control technology, the Coil Driver, expands the capabilities of powertrains by enabling two separate torque profiles within a given motor. A major advancement in the sector, dynamic motor configuration enables efficiency optimization for each operating mode resulting in reduction of energy consumption. The controller automatically selects the appropriate configuration in real time so that power and efficiency are intelligently optimized. For more information visit our website at www.exro.com. LinkedIn https://www.linkedin.com/company/exro-technologies-inc Twitter https://twitter.com/exrotech Facebook https://www.facebook.com/exrotech/ ON BEHALF OF THE BOARD OF DIRECTORS Sue Ozdemir, Chief Executive Officer CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumpti ons and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. View original content to download multimedia:https://www.prnewswire.com/news-releases/exro-to-launch-calgary-facility-with-automotive-class-manufacturing-301259423.html SOURCE Exro Technologies Inc. View original content to download multimedia: https://www.newswire.ca/en/releases/archive/March2021/31/c3219.html SOURCE: Exro Technologies Inc. Canada: Jake Bouma, VP of Investor Relations, 604-317-3936; United States: Vic Allgeier, TTC Group Inc., 646-841-4220, Email: info@exro.com comtex tracking K=Thousands, M=Millions, B=Billions, TTM=Trailing 12 Month, MRQ=Most Recent Quarter, FYR=Fiscal Year End, NM=Not Meaningful, NA=Not Available GAAP = Generally Accepted Accounting Principles used in Financial Statements issued by the company, Non-GAAP = Adjusted Operating Earnings or Revenue used in comparison to Analyst Estimates.Adjustments are typically one-time gains or losses. 2021 The Toronto-Dominion Bank. All rights reserved. Quotes, News, and Fundamentals provided by Thomson Reuters Logo View Restrictions News provided by Thomson Reuters Logo Thomson Reuters Logo Thomson Reuters Logo To change your settings or to unsubscribe from the alert service, please login to Webbroker.