Exro Technologies (TSX-V:EXRO, OTCQB:EXROF) Inc shares jumped 12% to $1.65 in late-morning trading on Monday after the clean technology company announced the first in-field pilot location for its Cell Driver energy storage system in partnership with Alberta’s Red Deer Polytechnic.
Red Deer Polytechnic will purchase a Cell Driver system with the intention to integrate it into its on-campus Energy Innovation Centre by the first quarter of 2024, according to the company.
It added that UL certification for the technology remains on track for late 4Q 2023.
As well, Exro reported that its Brazilian partner Giaffone Electric has moved out of a nondisclosure agreement (NDA) and has made a purchase order commitment for Exro's 800 Volt Coil Driver System to be integrated into Giaffone electric commercial vehicles destined for a Fortune 500 beverage company, with initial deliveries beginning in 4Q 2023.
"These pilots will serve to demonstrate our best-in-class battery control through the collection of real-time metered data on commercial industry-building applications in North America," Exro Technologies (TSX-V:EXRO, OTCQB:EXROF) CEO Sue Ozdemir said in a statement.
The company also noted that it is working on additional initial pilots in a variety of sectors (restaurants, vertical gardening, and warehouses) to demonstrate real-world data that supports the Cell Driver's ability to reduce annual electricity bills and generate payback of less than four years.
Exro develops new generation power-control electronics that expand the capabilities of electric motors and batteries.
Contact Sean at sean@proactiveinvestors.com