Exro Technologies - Exro's Cell Driver energy storage system.
Exro's Cell Driver energy storage system.
Source: Exro Technologies.
  • Exro Technologies (TSX:EXRO) is announcing the first in-field pilot location for its Cell Driver energy storage system in partnership with Red Deer Polytechnic in Alberta
  • The company has also revealed the identity of Brazilian partner Giaffone Electric, which will integrate Exro’s 800 volt Coil Driver system into electric vehicles for a Fortune 500 beverage company
  • Exro Technologies is a clean technology company offering advanced power control electronics that optimize and expand the capabilities of electric motors and batteries
  • Exro Technologies stock (TSX:EXRO) opened with a gain of 6.12 per cent, trading at C$1.56 per share

Exro Technologies (TSX:EXRO) is announcing the first in-field pilot location for its Cell Driver energy storage system in partnership with Red Deer Polytechnic in Alberta.

Red Deer Polytechnic – a public comprehensive polytechnic institute serving more than 6,300 students – will purchase a Cell Driver system with the intention to integrate it into its on-campus Energy Innovation Centre by Q1 2024. The integration will follow the Cell Driver’s UL certification, which is expected in Q4 2023.

The pilot with Red Deer Polytechnic is the first of several planned over the coming months across the restaurant, vertical gardening and warehousing industries, to support the Cell Driver’s ability to reduce annual electricity bills and generate payback of less than four years.

“We are thrilled to announce the first of several near-term pilot projects for our Cell Driver battery energy storage system technology,” Sue Ozdemir, Exro Technologies’ CEO, said in a statement. “The pilot projects represent our ability to commercialize the Cell Driver in parallel to the final months of UL testing. 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. The commercial and industrial industry is a growing sector forecasted to be up to US$14 billion by 2027 (McKinsey et al, 2023). Exro is well-positioned to become a market leader for C&I energy storage applications.”

Exro Technologies lifts non-disclosure agreement (NDA) with Giaffone Electric

Exro has revealed the identity of Brazilian partner Giaffone Electric, an electric mobility solutions provider that recently signed purchase order commitments for Exro’s 800 volt Coil Driver system.

The Coil Driver is an adaptive electric vehicle traction inverter that optimizes electric motor performance and efficiency via real-time management of speed and torque.

Giaffone will integrate the systems into electric commercial vehicles destined for a Fortune 500 beverage company. Initial Coil Driver deliveries will begin in Q4 2023 and increase through 2024 as the beverage company converts its gasoline and diesel delivery vehicles to all-electric.

Exro initially announced the agreement in Q1 2023 under an NDA contingent on successful validation. The validation process involved the integration of a Coil Driver and top 5 global NDA partner-supplied motor into a prototype vehicle.

The Coil Driver system is also being integrated into other commercial vehicle partner platforms in Q4 2023 and Q1 2024. 

“We are pleased to demonstrate continued operational progress, lifting the NDA on Giaffone and advancing the partnership to purchase order,” Ozdemir said. “Our partnership with Giaffone is exciting for several reasons. Firstly, the acceleration of the transition to electric will occur only with innovative technology that tackles real-world driving conditions. Globally, the driving conditions vary; hills and mountains, extreme weather driving conditions, and road conditions all play a part in the efficiency of the vehicle and how far it can travel on a single charge. Our Coil Driver is a key differentiator in this mobility power system in terms of performance, and following successful testing, we are thrilled to advance our partnership. The agreement sees our technology piloted in fleet vehicles for one of the largest beverage companies in the world, providing the potential to demonstrate best-in-class performance and serve as a gateway to Brazil and the South American market. Secondly, Brazil presents an opportunity for substantial growth as it actively works to meet its renewable energy target of 45 per cent by 2030.”

Interested investors can attend a live ask me anything-style webcast with Exro management at 12:30 pm ET Monday.

Exro Technologies is a clean technology company offering advanced power control electronics that optimize and expand the capabilities of electric motors and batteries.

Exro Technologies stock (TSX:EXRO) opened with a gain of 6.12 per cent, trading at C$1.56 per share. The stock has added 2.83 per cent year-over-year and 13.4 per cent since inception in 2020.

Join the discussion: Find out what everybody’s saying about this electric motor and battery technology stock on the Exro Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.


More From The Market Online
A modern apartment building in the Netherlands.

European Residential REIT raises €116M in strategic capital

European Residential REIT (TSX:ERE.UN) sells 530 residential suites in the Netherlands for €114.9 million in gross proceeds.
Oil derricks in a field paired with superimposed stock charts.

10 best-performing Canadian oil stocks

Our low-carbon future masks the decades of fossil fuel reliance still to come, making oil stocks an attractive area for upside surprises.
A screenshot of Donald Trump's Truth Social page.

Trump Media stock surges after assassination attempt

Trump Media & Technology Group (NASDAQ:DJT) stock surged after the attempted assassination of former U.S. President Donald Trump.
Rolls of Cleveland-Cliffs steel

Steel of a deal: Cleveland-Cliffs to acquire Stelco for $3.4B

Cleveland-Cliffs (NYSE:CLF) signs a deal to acquire Canadian steelmaker Stelco Holdings (TSX:STLC) for C$3.4 billion.