Exro Technologies Receives 2022 Business Innovation Lighting Award from the National Electrical Manufacturers Association

  • Exro Technologies Receives 2022 Lighting for Business Innovation Award from NEMA, the Leading Electrical Manufacturing Industry Organization
  • A notable past recipient of the award in the field of electric vehicles is 2019 winner ChargePoint Holdings Inc.
  • The award is the third major industry award to be won in 2022, following Exro’s recent Automotive Technology Breakthrough Award and the company’s edison gold Awarded earlier this year
  • Relying on the company’s technological innovation and application of advanced technologies in electrification, Exro was selected

Calgary, November 18, 2022 /PRNewswire/ – Exro Technologies, Inc. (TSX: EXRO), (OTCQB: EXROF) (“company“or”Ecoro“) is pleased to announce that the company has received the 2022 Lighting for Business Innovation Award from the National Electrical Manufacturers Association (NEMA). Exro is honored to have been selected by the NEMA Nominating and Awards Committee for its technical innovation and application of advanced technology To be recognized among previous winners in the field of e-mobility, including companies like ChargePoint Holdings Inc.

Founded in 1926, NEMA is an ANSI-accredited Standards Development Organization (SDO) composed of business leaders, electrical specialists, engineers, scientists and technicians. The Lighting for Business Innovation Award is an annual recognition for companies that have achieved success through entrepreneurial expertise, advanced technology application or groundbreaking innovation.This year’s awards were presented last night by SeozdemirExro CEO at NEMA Annual Meeting & Awards Dinner amelia island, Florida.

In accepting this honor, Seozdemir Said, “I am extremely proud to accept this award from NEMA, an organization I have great respect for for its contributions to our industry and shares Exro’s commitment to leading the transition to a sustainable electrified world. Although Exro is a relative newcomer to the Electrification, where we continue to push above our weight class, advancing our EV (Coil Driver™) and stationary energy storage (Cell Driver™) innovative know-how from relevant proof of concept in 2019 to manufacturing commercialization in 2023 Third Volume production begins quarterly. We are very grateful to NEMA for this recognition and the industry leadership they have provided to many great manufacturers of electrical products.”

Exro Coil Driver™ – Award Winning Electric Vehicle Technology

A motor is only as smart as the controller telling it to behave. At Exro, our theory is that if we make the controller smarter, we can improve the performance of the entire powertrain. Exro achieves this with a new generation of power control electronics called the Coil Driver™. The Coil Driver™ takes the state-of-the-art physics of coil switching and provides the ability to control the motor at the individual coil level through the power electronics embedded in the inverter. This coil level control provides the ability to switch motor profiles in real time to provide two independent speed-torque profiles from the same motor, effectively extending the operating range of the motor by acting like an electronic gear. This allows manufacturers significant design flexibility: Exro’s technology can increase performance by as much as 50% at a marginal cost increase, or the system can be optimized to reduce weight and complexity without sacrificing performance Save up to 20% on powertrain costs. Coil Driver™ also removes the onboard charger for high voltage drivers. Removing extra equipment simplifies the system, reduces system power consumption, and provides design flexibility for integrators. This leads to major cost efficiencies in electric transportation, offering the potential to accelerate the transportation industry’s transition away from internal combustion engines by addressing the performance-cost trade-off for automakers. Volume production of the Coil Driver™ will begin at Exro’s world-class manufacturing facility Calgary, Alberta Beginning in the third quarter of 2023, North American supply assurance for up to 300,000 units per year is provided to customers.

Exro’s Cell Driver™ – Next Generation Energy Storage Technology

The market outlook for stationary energy storage continues to grow amid the global drive for sustainable and clean energy solutions.Stress on the utility grid has resulted in rolling blackouts in places such as california, Texas, Arizona and more. These outages, combined with high peak electricity rates, highlight the growing need for flexible backup energy storage solutions, especially for commercial and industrial applications. As the world looks to accelerate the adoption rate of the electrification of transportation and energy storage, one of the biggest challenges to be solved in the next 5-10 years is the supply of batteries. While suitable for new batteries, the primary goal of Exro’s Cell Driver™ technology is to provide an effective solution for secondary use applications, providing significant cost savings by recovering and utilizing spent EV and telecom batteries for secondary use. The giants that enable these batteries are critical to reducing the environmental and climate change impacts associated with battery recycling and disposal, as well as delivering real-world solutions that lead to a circular electrification economy. Exro’s Cell Driver™ is equipped with the company’s battery control system technology, a next-generation innovation that extends the capabilities of batteries through dynamic monitoring at the cell level. Its ability to store excess clean solar energy allows greater control over when large electricity consumers draw power from the local utility grid, reducing energy costs. Electricity prices vary based on when and how the unique power source is used, and the energy stored in Exro’s Cell Driver™ can be used to power EV charging stations and C&I facilities when electricity prices are high, keeping energy costs low.

About Exro Technology

Ekro Technologies is a leading clean technology company developing a new generation of power control electronics that changes the way the world optimizes energy by extending the capabilities of electric motors and batteries. The company’s innovative technologies help bridge the performance-cost gap between electric vehicles (Coil Driver™) and stationary energy storage (Cell Driver™), and accelerate the adoption of a circular electrification economy by delivering more energy with less the result of.

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

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Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as “plans,” “anticipates,” “estimates,” “intends,” “expects,” “believes,” or variations of such words, or statements of certain actions , an event or result “may”, “might”, “will”, “might”, “will take”, “occur” or “achieve”. 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, which could cause actual results, performance, prospects and opportunities to differ from those of such Material differences are stated or implied by forward-looking statements. Although the company believes that the assumptions and factors used to prepare these forward-looking statements are reasonable based on information currently available to management as of the date of this report, actual results and developments could differ materially from those anticipated by these statements. difference. Accordingly, readers are cautioned not to place undue reliance on these statements, which speak only as of the date of this press release, and that there can be no assurance that such events will occur within the time frame disclosed or that they will not occur at all. The company disclaims any intention or duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

This information is in full compliance with the cautionary statements and risk factor disclosures contained in the Company’s filings with Canadian securities regulators, including the Company’s Annual Information Form for the fiscal year ended December 31, 2021and the financial statements and related MD&A for the fiscal year ended December 31, 2021Filing with securities regulators in certain provinces Canada 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 differ from those described herein as expected, planned, expected, believed, estimated or expected There are significant differences in the results. Although the company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be other factors that could cause results to differ from expectations, estimates or expectations. The company does not intend and undertakes no obligation to update this forward-looking information, except as otherwise required by applicable law.

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SOURCE Exro Technologies

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