November 20, 2019 - TheNewswire - Vancouver, B.C. - Exro Technologies Inc. (CNSX:XRO.CN) (OTC:EXROF) (the “Company” or “Exro”) continues its move to rapid commercialization through a development partnership to optimize the performance of electrical engines in the multi-billion-dollar e-Boat market.
Exro, which has patented technology to dramatically improve the performance of electric motors, has partnered with The Templar Marine Group Ltd., a Canadian company focused on the mass production of commuter electric boats, from water taxis to rental fleets. Templar’s zero-emission boats are tapping into the world’s quickly emerging e-Boat sector, which was assessed by Research and Markets to be USD 7.75 billion in 2017 and projected to reach USD 14.3 billion in 2023.
“We believe Exro’s technology will dramatically enhance the performance of electric motors in boats and other watercraft,” said Exro CEO Sue Ozdemir. “The e-Boat sector is clearly growing as people look for solutions that are sustainable and also meet regulatory requirements preventing the pollution of our lakes, rivers and oceans.”
Templar will integrate Exro’s system into Templar Marine’s water taxis as a pilot project, where the company expects to see a significant increase in motor performance for both the boat’s top speed, as well as improving range through increased system efficiency. Exro’s validated technology has already proven it can increase motor speed by more than 30%, which Templar Marine believes will be a major breakthrough in the e-Boat sector.
“The market for pure electric and hybrid boats and ships is growing rapidly, as vessel operators face a plethora of restrictions surrounding emissions of NOx and SOx, as well as greenhouse gases such as CO2,” said Mark Fry, CEO of The Templar Marine Group. “We are excited about the opportunity to work with this cutting-edge technology and believe the advancements Exro can add to electric boats can make a real difference. More speed and greater range are the primary limitations we face, and we have no doubt Exro’s technological advancements will be fully embraced by the market.”
There are already over 100 manufacturers of electric boats and ships. With the successful adaptation of Exro technology into the Templar Marine product line, Exro will move upstream with its offering and will look to license directly to multiple global suppliers.
“Exro appears to be ideal for marine applications, and I believe Templar Marine will prove an excellent development partner,” said Exro’s Chief Scientist, Jonathan Ritchey. “They are a leader in the market and an excellent brand to work with to expand Exro’s technology to this global sector.”
The Exro/Templar partnership will be widely circulated in the marine and electrical motor sector thanks to the global networks of the two companies’ CEOs.