Channel Partners and High Performance Vehicles
I believe that HB4 is also a channel partner. Sue once referred to it as a distributor. The Revenue model there potentially is similar to that for the ESS channel partners.
From its website, SM4E provides "design to rapid prototyping up to production and integration" which implies that it is not a mass motor producer. SM4E can help customers integrate the CD into HB4's customer motors. Much in the same way that ESS partners can provide installation services for the cell driver. Which suggests a comparable business relationship in a broad sense.
4Thoughts provides some revenue estimates for the cell driver in its 15 May report. You can google these at Exro Technologies (EXRO.TO): Commercial Terms with Linamar Announced I would take these with a big grain of salt for obvious reasons.
It is interesting that the photo beside the specification for one of SM4E's specialty motors shows a picture of a supercar parked in front of a garage door that has the word Maserati printed above it. Maserati entered Formula E last year and is not doing well. It currently uses Marelli motors. Maybe time for a change? See photo on page 3 at
If you look at the backdrop display for the HB4 video at E-Tech Europe at time 50 seconds, you will see that HB4 is also promoting EXRO's high voltage inverter with the target audience being identifed as "High Performances and Heavy Duty Commercial Vehicles"
https://www.youtube.com/watch?v=yifWkI0QVDs
And when the picture on page 8 of EXRO's latest presentation first came out, it showed a picture of a high performance racing car. That was quickly changed to depict a passenger vehicle. Don't know why.
Sue used to talk about high performance vehicles. She 'dropped' a number premium OEM names, such as Ferrari and Lamborghini, in her HB4 comments in the 23Q1 letter to sharholders. She otherwise has been silent on the subject for a long time. Maybe something in the wind. It certainly would be an ideal candidate for a CD...even if just for promotional purposes. Just fun speculation. Maybe coincidental. It formed part of my thinking why premium/performance vehicles might be EXRO's second wave to market.