Exro Technologies (CSE: XRO) (OTCQB: EXROF), a clean-tech company committed to transforming energy conversion to enhance the performance, efficiency and longevity of electric motors, on Monday announced financial and operational results for the three months ended March 31, 2020. Per the release, the company incurred a comprehensive loss of C$1,525,182 during the quarter. The company also reported that it incurred C$175,882 in research and development for the quarter, which primarily represents materials used for development of its technology as Exro continues to advance toward its goals for commercialization. “Exro is in full force at commercializing its patented Coil Switching Technology. We engaged multiple partnerships with manufacturers during the first quarter such as Finland’s Aurora Powertrains Oy (“Aurora”) and Clean Seed Capital Group Ltd. (“Clean Seed”) along with the partnerships from 2019, Motorino Electric Bike, Potencia and Templar Marine. We are in talks with several potential partners to build prototypes that will be implanted into the field,” Exro Technologies CEO Sue Ozdemir stated in the news release. “We are also in works to open a 6,500 sq. ft. innovation center in Calgary, Alberta, to demonstrate how the company dramatically improves the performance of the world’s electric motors. The Exro Innovation Center (“EIC”) will also increase the company’s laboratory space, to expand its service capabilities to customers and showcase where Exro’s technology can be applied to key sectors of the economy. The EIC will also host collaborative events to explore advances in energy consumption and power electronics innovations, with participants from Calgary, across Canada and around the world.”
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About Exro Technologies Inc.
Exro is a clean-tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced-motor control technology, or Coil Driver, expands the capabilities of electric motors and powertrains. Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.
The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors or implementing heavy mechanical-geared solutions. Exro offers a new solution for system optimization through implementation of its technology, which can yield increased drive cycle efficiency, reduced system volume, reduced weight, and expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed. For more information, visit the company’s website at www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://nnw.fm/EXROF
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