Exro Technologies (TSX.V: EXRO) (OTCQB: EXROF), a leading technology company that has developed a new class of power electronics for electric motors and powertrains, on Monday released its third quarter 2020 financial results for the nine months ended Sept. 30, 2020. “The third quarter was an eventful period as we achieved several key milestones. First and foremost, we successfully closed in July the short form prospectus offering of C$8,000,000 at a price of $0.70 per unit, pursuant to which the company issued 11,428,571 units,” said Exro CFO John Meekison. “The net proceeds from this offering will enable us to do further research and development of the coil switching technology for commercialization in the mobility segment including micro, light and commercial electric vehicle programs plus capital investment in support of our Innovation Center buildout.”
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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, the “Coil Driver,” expands the capabilities of electric motors and powertrains. The 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 the following results: increased drive cycle efficiency, reduced system volume, reduced weight, 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://ibn.fm/EXROF
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