- Exro (EXRO) has signed a memorandum of understanding (MOU) with a supplier to the global automotive industry
- The companies will first demonstrate the performance of the partner’s electric motors with Exro’s standard L040 800V Coil Driver inverter, which is anticipated by Q3 2023
- Upon the achievement of agreed-upon performance targets, the parties will transition to a definitive agreement to outline commercialization plans
- Exro Technologies offers power control electronics that expand the capabilities of electric motors and batteries
- Exro Technologies (EXRO) is up by 2.8 per cent, trading at $2.57 per share
Exro (EXRO) has signed an MOU with a supplier to the global automotive industry.
The supplier is a market leader in environmentally sustainable mobility for large-scale automotive OEM customers. It is headquartered in Europe with over 25,000 employees worldwide.
The companies will transition to a definitive agreement upon demonstrating the performance of the partner’s electric motors with Exro’s standard L040 800V Coil Driver inverter, which is anticipated by Q3 2023.
The parties intend to develop next-generation powertrain solutions for electric commercial vehicles and off-highway applications in Europe and North America.
“Our new partner has a strong reputation as a leading technology provider to the automotive industry, as well as major off-highway applications, marking a tremendous validation of our technology and its potential to scale across multiple platforms,” said Exro CEO Sue Ozdemir.
“We look forward to revealing our new partner in the near future and building a successful relationship that translates into significant value for our customers and our shareholders,” she added.
Exro Technologies offers power control electronics that expand the capabilities of electric motors and batteries.
Exro Technologies (EXRO) is up by 2.8 per cent, trading at $2.57 per share as of 10:20 am EST.
