- Exro Technologies Inc. (EXRO), has signed a new product development agreement with a major global equipment supplier
- The agreement will include a system using Exro’s Coil-Driver inverter for a new hybrid diesel-electric product
- The agreement will begin with multiple sample units due by the end of the first fiscal quarter of 2023
- After testing, the agreement may evolve into a supply agreement with over 10,000 units delivered annually
- Exro Technologies Inc. (EXRO) is down 1.02 per cent and is trading at $0.97 per share as of 1:12 p.m. ET
Electronic power control developer, Exro Technologies (EXRO), has signed a new product development agreement with a major global equipment supplier.
The identity of the partner remains private under a non-disclosure agreement (NDA). The agreement will include the development and delivery of a system using Exro’s proprietary Coil-Driver inverter for a new hybrid diesel-electric product for off-highway applications such as agriculture, construction, and mining sectors.
Using the Coil Driver, a customer can operate the diesel-electric powertrain at optimal efficiency for better performance and lower emissions while experiencing significant fuel savings.
Exro has been collaborating with the unnamed European-based company to develop a new hybrid diesel-electric powertrain. The agreement will begin with multiple sample units to be delivered to the customer by the end of the first fiscal quarter of 2023.
Exro’s Chief Technology Officer, Eric Husted, commented,
“The reality is that due to certain performance requirements, not all applications can easily flip to fully electric today… The Coil Driver is perfect for this type of application, easily providing the high torque required for starting diesel engines without sacrificing motoring and generating capability once the engine is running.”
After successful testing, Exro anticipates the agreement to transition into a supply agreement for partners with series production products beginning in 2024. The conditional agreement has projections of over 10,000 units annually.
Exro Technologies Inc. (EXRO) is down 1.02 per cent and is trading at $0.97 per share as of 1:12 p.m. ET.