Exro - CEO, Sue Ozdemir.
CEO, Sue Ozdemir.
Source: Exro.
  • 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.


More From The Market Online

A&W will expand Pret A Manger brand across Canada

A&W Revenue Royalties Income Fund (TSX:AW.UN) and A&W Food Services of Canada form a long-term development plan with Pret a Manger.

SSR Mining reviews deadly landslide, faces class-action lawsuits

SSR Mining (TSX:SSRM) faces mounting losses after a series of negative developments, culminating in a securities class action lawsuit.
Bombardier - Executive Advisor, Christophe Degoumois

Bombardier will fight lawsuit in Superior Court of Québec

Bombardier (TSX:BBD.B) intends to defend itself in Québec’s highest court against accusations that former executives misled investors.

Under Bitcoin’s shadow: A survey of Ethereum ETFs in Canada

After approving spot Bitcoin ETFs in January, the SEC has cleared three major exchanges to trade in ETFs tracking Ethereum.