Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) CEO Sue Ozdemir told investors the company has been able to add three new "high quality" partnerships as the company reported financial and business results for the second quarter.
In a statement accompanying the Vancouver-based technology company’s latest numbers, Ozdemir said: "We are excited that Exro has been able to add three new high-quality partnerships over the last four months with Clean Seed Capital Group Ltd (TSX:CSX), Zero Motorcycles and SEA Electric Private Limited."
Exro has developed a new class of control technology for electric motors and powertrains using artificial intelligence. The company’s patented motor control technology Coil Driver expands the capabilities of electric motors and powertrains in terms of output and efficiency.
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Ozdemir said she is excited about Exro’s prospects as it makes moves to become a leading player in the cleantech power systems space.
"On the commercialization front, our engineering team delivered the customized driver to Potencia at the end of June. The driver is now undergoing rigorous testing with Potencia's engineering team," Ozdemir, who is the former head of GE’s industrial motors division noted.
Exro has contracts with Potencia Industrial which is converting internal combustion engines in Mexico City’s taxis to electric motors, as part of an initiative to green the city’s 250,000 taxi fleet. Exro is working to integrate its hardware and software technology into Potencia’s motor drives.
After Potencia's internal testing is complete, Exro’s Coil Driver will be installed in a vehicle and road-tested, paving the way for “the first on road application for Exro,” noted the company.
"We're excited to confirm that the driver has been received and testing has begun on the unit. Our expectation is to complete testing by the end of October. Exro has delivered, and we look forward to continuing to strengthen our relationship," Tomas Gottfried, Potencia’s technical director said.
For the second quarter ended June 30, 2020, the Canadian software design technology and smart energy company reported a comprehensive loss of $2,246,269, compared to $1,000,865 in the same period in 2019.
The group’s professional fees amounted to $138,081 during the second quarter, compared to $79,304 in the same period a year earlier.
However, the company has sufficient capital as it eyes vast opportunities for its patented technology in electric vehicles, electric boats, electric bikes, electric farm equipment and electric motors.
Exro recently successfully closed its marketed short form prospectus offering for gross proceeds of C$8 million which the company said will be used for development of the “coil switching technology for commercialization in the micro, light and commercial electric vehicle programs.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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