Exro Cell Driver(TM) Energy Storage System Passes UL 1973 and Advances to Final Stage of UL Certification

At a Glance:

• Exro's Cell Driver™ has successfully completed certification of its battery module per UL 1973 requirements, a key milestone which confirms Exro's modules' quality, resilience, and ability to operate safely and effectively in a variety of conditions.
• Exro has entered the final stage of certification requirements for its Cell Driver™ and anticipates completion in Q4 2023, which is to be followed by the start of series production and initial customer deliveries in Q4 2023.
• Exro was recently granted patent protection related to its cell level control of batteries which results in superior charging, better depth of charge, enhanced safety, and increase of cell longevity.
• Management will host its next monthly 'Look Inside' livestream event for shareholders today at 2:30 PM ET. Register via: LINK.

CALGARY, AB, Aug. 22, 2023 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO), (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries, today announced another milestone achievement with certification of its Cell Driver™ battery modules to the Underwriters Laboratories' (UL) 1973 standard.

"We are thrilled to progress our Cell Driver to near the finish line of UL certification," said Exro CEO Sue Ozdemir. "To mitigate the effects of climate change, energy storage is an important component in the ecosystem required for a sustainable electrified future. Through our expertise in power electronics, Exro delivers real-world solutions that change how the world consumes energy. Our patented technology will provide commercial and industrial applications with high-quality, safe, and reliable energy while alleviating stress on existing grid infrastructure."

UL 1973 is an industry standard for stationary energy storage systems which confirms Exro's modules' quality, resilience, and ability to operate safely and effectively in a variety of conditions. With successful completion of UL 1973, the Cell Driver™ has moved to the final phase of testing requirements for UL certification. UL certification is required prior to connecting the Cell Driver™ to the utility grid in North America.

Previously anticipated for late Q3 2023, Exro now expects completion of UL certification in Q4 2023, dependent on scheduling at UL's certification laboratories. Certification will be followed by the start of series production for Cell Driver™ beginning with in-field pilots and initial customer deliveries in Q4 2023. In parallel with the UL testing and certification process, Exro continues commercialization and marketing efforts in alignment with system certification. The Company's network of channel sales partners continues to respond to a high volume of quotes on initial applications with first pilots and purchase orders targeted for later this year.

Exro is now patent protected in relation to a key differentiating feature within its Cell Driver™ Energy Storage System (ESS) with the recent grant of patent #US11,708,005 B2, "Systems and Methods for Individual Control of a Plurality of Battery Cells". Exro's patent supports cell level control, resulting in superior charging, deeper discharge rates, enhanced safety, and continuous operation. This enables commercial and industrial buildings to manage energy consumption, safeguard against grid outages, store energy produced on-site, and realize benefits through peak shaving and load shifting.

Cell Driver™ is also equipped with Exro's proprietary Battery Control System™, that actively manages cells based on their State-of-Charge (SoC) and State-of-Health (SoH).

Exro recently conducted a real-world case study with a California-based restaurant chain to demonstrate how the integration of Exro's fully-integrated commercial and industrial energy storage system can provide significant benefits to a business: Exro-Cell-Driver-Stand-Alone-Case-Study.pdf

For additional information on Exro's Cell Driver™, please visit: Exro-Cell-Driver-Catalog.pdf.

Please join Exro leadership today at 2:30 PM ET for a monthly 'Look Inside' where the company will speak to the recent patent award and UL Certification process. To attend please register here: LINK.

Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

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 assumptions 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.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/exro-cell-driver-energy-storage-system-passes-ul-1973-and-advances-to-final-stage-of-ul-certification-301905789.html

SOURCE Exro Technologies Inc.