- Exro Technologies stock (TSX:EXRO) rose after reporting the successful certification of its Cell Driver battery modules to the Underwriters Laboratories’ (UL) 1973 standard
- The Cell Driver will now move to the final phase of testing for UL certification, which is required to connect to the North American utility grid
- Exro Technologies is a clean technology company developing next-gen power control electronics to expand the capabilities of electric motors and batteries
- Exro Technologies shares (TSX:EXRO) were up by as much as 1.85 per cent in early morning trading
Exro Technologies stock (TSX:EXRO) rose after reporting the successful certification of its Cell Driver battery modules to the Underwriters Laboratories’ (UL) 1973 standard.
UL 1973 is an industry standard for stationary energy storage systems. The certification confirms “Exro’s modules’ quality, resilience and ability to operate safely and effectively in a variety of conditions,” according to a statement released Tuesday.
The Cell Driver will now move to the final phase of testing for UL certification, which is required to connect to the North American utility grid. The company expects to complete its certification in Q4 2023 followed immediately by initial Cell Driver production.
Exro’s network of channel sales partners is fielding a high volume of quotes for initial applications with first pilots and purchase orders expected later this year.
“We are thrilled to progress our Cell Driver to near the finish line of UL certification,” Sue Ozdemir, Exro’s CEO, said in the statement. “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.”
The news coincides with the issuance of patent #US11,708,005 B2, which protects the Cell Driver Energy Storage System’s cell level control. This feature enables superior charging, deeper discharge rates, enhanced safety and continuous operation, allowing 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.
Exro recently released a real-world case study with a California-based restaurant chain to demonstrate the benefits of its energy storage system.
Current and potential shareholders can learn more about the patent and ongoing UL Certification at a webcast at 2:30 pm ET Tuesday.
Exro Technologies is a clean technology company developing next-gen power control electronics to expand the capabilities of electric motors and batteries.
Exro Technologies shares (TSX:EXRO) were trading at $2.19 per share as of 9:56 am ET. The stock was up by as much as 1.85 per cent in early morning trading.
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