- Exro Technologies (TSX:EXRO), an EV and battery tech stock, is announcing the official start of production of its Coil Driver traction inverter
- The clean technology company’s Calgary manufacturing facility will produce up to 100,000 units per year
- Current purchase orders include HB4 Group and Vicinity Motor
- Exro Technologies stock (TSX:EXRO) is up by 143.48 per cent over the past year
Exro Technologies (TSX:EXRO), an EV and battery tech stock, is announcing the official start of production of its Coil Driver traction inverter.
The Coil Driver is an adaptive electric vehicle traction inverter enabling enhanced power and efficiency at high speeds. Current purchase orders include Italian OEM supplier HB4 Group and Canadian electric bus and commercial vehicle manufacturer Vicinity Motor (TSXV:VMC).
HB4 is an Italian Tier-1 OEM supplier of vehicle lighting systems, radio keyless systems, batteries, electric motors, fuel tank caps and other components to clients such as Casalini, Ducati, Ferrari, KTM, Aprilia, Harley Davidson and MV Agusta. Exro and HB4 are collaborating on a small passenger vehicle and a small commercial truck manufactured by Casalini in Italy. HB4 has placed an initial order of 500 Coil Drivers, with growing volumes over a three-year term, following on-road testing that showed a more than 20 per cent range increase over HB4’s predecessor powertrain inverter technology.
Vicinity will begin to deliver its 400V TSA motors for electric buses paired with Coil Drivers by the middle of Q4 2023. The companies plan to unveil their technology in October at the APTA Expo, the world’s largest public transportation showcase, in Orlando, Florida.
Exro’s 37,000 square foot manufacturing facility in Calgary will produce up to 100,000 Coil Driver units per year under European automotive standards for technical cleanliness and track and trace. The net-zero targeted facility represents a strategic onshore supply chain solution for key powertrain components.
The company also maintains research and development, design, and testing innovation centers in Calgary and Mesa, Arizona, as well as a vehicle systems EV integration services center in Ann Arbor, Michigan, for a full suite of end-to-end technology solutions.
Exro’s production milestone coincides with what management views as a secular trend in commercial vehicles converting from combustion to electricity, affording the Coil Driver an addressable market set to reach US$45 billion by 2030, according to Bloomberg’s NEF Electric Vehicle Outlook report.
The rest of the year will see Exro complete third-party track testing while integrating Coil Driver products with customers in Canada, Europe, South America and the United States.
“This achievement marks a tremendous milestone in bringing our next-generation technology to market from proof-of-concept on paper over three years ago, to now being in production for on-road customer vehicles,” Sue Ozdemir, Exro’s CEO, said in a statement. “We are thankful for the ongoing support of our shareholders who have weathered many storms along the way. They have remained steadfast in our shared vision of a sustainable future that requires innovative technologies that increase efficiency and change the way the world consumes energy.”
“We are very pleased to work with Exro to bring leading sustainable electric vehicles to customers in Italy and Europe,” Renato Bruno, HB4’s CEO, said in a statement. “Exro’s technology is truly next-generation as demonstrated in our on-road testing, which demonstrated an exceptional increase in performances and range from 100 km to more than 120 km in a Casalini commercial delivery truck.”
“We are excited to advance our relationship with Exro to the next stage,” William Trainer, Vicinity Motor’s CEO, said in a statement. “Together we are on a mission to move people more efficiently and effectively while supporting a cleaner and more sustainable planet.”
Exro Technologies is a clean technology company developing power control electronics to expand the capabilities of electric motors and batteries.
Exro Technologies (TSX:EXRO) last traded at $2.24 per share. The stock is up by 143.48 per cent over the past year.
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