Exro Technologies (TSX-V:EXRO, OTCQB:EXROF) Inc.#: Technology Driving EV Performance and Efficiency
Technology Driving EV Performance and Efficiency
Exro Technologies Inc (Exro Technologies (TSX-V:EXRO, OTCQB:EXROF)) has developed and patented its Coil DriverTM technology, which replaces classic inverters in Electric Vehicles (EVs). The technology can calculate the system’s demands for torque or speed, and seamlessly switch the configuration to match the desired output in real time delivering optimal performance at low and high speeds. Today, dual electric motors are often used to provide EVs with “two gears” - high torque and high power. The Exro Coil DriverTM leads to reduced EV system costs, increased power density and range.
Application Across the EV Types
Exro’s largest target market opportunity is deploying its Coil DriverTM technology into the EV segment. This market covers different requirements for torque and power. Commercial vehicles require high torque to move loads from standstill. For passenger vehicles, a combination of good torque and power is desirable: from hill starts to motorway speeds. For electric two-wheel vehicles, greater power is more desirable. Exro’s technology enables a breadth of performance across the torque/power mix for commercial, passenger and recreational vehicles.
Global EV Market Opportunity
The global EV inverter market is estimated to be growing at 17.5% compound and forecast be worth US$7.7bn by 2025. End markets are large and growing. According to Bloomberg New Energy Finance (BNEF), the market for two-wheel EVs (E2Ws) and three-wheel EVs (E3Ws) is valued at around US$97bn. Research house Canalys forecast 66% growth in passenger EV sales in 2021 to 5 million units (8% of the market). In the commercial EV markets, the top ten global truck makers are developing new models.
Recommendation and Target Price
We initiate research coverage of Exro Technologies Inc. with a Buy recommendation and 12-month Target Price of C$8.10/sh.
Phil Smith, Head of Technology | T: +44 (0)20 3617 5187 | E: psmith@vsacapital.com
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