InvestorNewsBreaks – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) Enters Definitive Commercialization Agreement, Announces C$30M Financing
Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that develops new-generation power-control electronics that expand the capabilities of electric motors and batteries, has signed a definitive commercialization agreement with Linamar Corporation (TSX: LNR), a global tier-1 automotive supplier. The agreement outlines the two companies’ plans to serially produce and commercialize an integrated electric beam axle product for class 3-6 vehicles. According to the announcement, the agreement will begin with an initial five-year term and includes the building of a product demonstration vehicle; the agreement also grants Linamar exclusive rights to Exro’s Coil Driver(TM) product for use in medium-duty class 3–6 electric beam axle applications. “We are thrilled to achieve this next major milestone with Linamar,” said Exro CEO Sue Ozdemir in the press release. “The signing of the definitive agreement demonstrates steady progress with a leading tier-1 OEM supplier, further validates the potential of our technology and signals to shareholders an opportunity for a material increase in production volume in the years ahead. Linamar has been a great partner, and we look forward to advancing this combined product to commercialization.”
In addition, Exro announced that it has entered into an agreement with a syndicate of Canadian underwriters for the purchase of 13,500,000 common shares in the capital of the company. Purchase prices of the shares is C$2.25 per common share, resulting in gross proceeds for the company of C$30,375,000. According to the announcement, Exro anticipates using the funds to meet capital expenditure and working capital obligations related to strategic partnership and collaboration agreements as well as for general working capital purposes.
About Exro Technologies Inc.
Exro Technologies is a leading clean-technology company that has developed new-generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver(TM)) and stationary energy storage (Cell Driver(TM)), and act to accelerate adoption toward a circular electrified economy by delivering more with less — minimum energy for maximum results. For more information about the company, please visit 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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