Exro Technologies Inc (CVE:EXRO) has reported its 3Q 2020 financial and operational results, having successfully raised C$8 million and listed its common shares on the TSX Venture Exchange during the period.
“On the commercialization front, Exro added two new key partnerships in 3Q with SEA Electric Pty Ltd. and Heinzmann GMBH & Co. KG. Also, Motorino testing results came back showing that the Exro-enhanced electric bike increased its performance by more than 20 per cent, and up to 50 per cent in climbing conditions. We will start negotiations on commercial product availability for 2021.” said Exro Technologies CEO Sue Ozdemir in the results statement.
READ: Exro Technologies completes engineering validation of its 100V Coil Driver to use in electric cars
She added: “The listing of our common stock on the TSXV is an important milestone for Exro. We believe this listing will further enhance the visibility and liquidity of our shares as we continue to build value for our stakeholders as our business continues to grow.”
On July 15, 2020, the company announced that it is partnering with Australia's SEA Electric to enhance electric powertrain technology for heavy-duty trucks and delivery vehicles. Recognized as a global leader in the electrification of commercial vehicles, SEA Electric and Exro will co-develop and test powertrains based on Exro's Coil Driver and the SEA-Drive technologies.
Exro’s collaboration agreement with Heinzmann GMBH & Co. KG, announced on September 24, 2020, involves the integration of the company’s Coil Drive technology with Heinzmann's advanced motor designs for mobility applications.
The agreement will involve motor technology and integration support from Heinzmann, while Exro Technologies will provide testing, power electronics design, and supply. Exro's Coil Driver will improve the speed range and torque output capabilities of Heinzmann's traction applications. This provides new possibilities for optimizing powertrains to improve performance in gradeability, power density and top speed, the company said.
Exro Technologies ended 3Q 2020 with C$8,322,251 in cash as of September 30, 2020. It also recorded a comprehensive loss of $2,989,747 for the period.
The company said it is using the net proceeds from the short form prospectus offering, completed at $0.70 per unit, to do further research and development of the coil switching technology for commercialization in the mobility segment, including micro, light and commercial electric vehicle programs plus capital investment in support of its Innovation Center buildout.
Contact Sean at sean@proactiveinvestors.com