Tue May 03 11:06:01 2022 EDT

11:05 AM EDT, 05/03/2022 (MT Newswires) -- Exro Technologies (EXRO.TO) on Tuesday said it has reached an agreement to supply high-voltage coil drive systems to electric bus manufacturer Vicinity Motor Corp. (Nasdaq: VEV), pushing its shares about 8% higher at last look.

The clean technology company said the agreement includes a first lot purchase order of 100 units with up to 2,500 units planned for delivery over the 36-month term. It didn't disclose the value of the contract.

Exro said it will also provide electric vehicle design and engineering services to Vicinity for additional revenue.

Sue Ozdemir, CEO of Exro, said the work with Vicinity highlights the company's ability to customize and scale its coil drive system to meet heavy-duty bus requirements and meet net-zero manufacturing requirements with its Calgary facility.

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