Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, today provided an operational update. The update covered the company’s propulsion system deliveries, progress with partners, and the signing of its first-ever outbound intellectual property licensing agreement with Capri, Italy-based Tier-1 OEM supplier HB4. More specifically, the update noted that Exro produced 46 propulsion systems for customers in April and May and is focused on meeting its goal of delivering over 250 propulsion systems to customers through Q2 and Q3 of 2024. It further highlighted the company’s continued progress with deliveries to its blue-chip OEM and Tier 1 customers like Hino Trucks and Mack Trucks, partnerships with Giaffone Electric and Linamar Corporation, and the innovation program with its leading global NDA passenger vehicle partner, which continues on track through phase 2. Additionally, the update noted the conclusion of the testing program necessary for UL certification of its Cell Driver(TM) stationary energy storage system. Exro anticipates certification in June. “As promised, since the closing of the acquisition of SEA Electric on April 5, Exro has been focused on increasing revenue, reducing costs, and progressing technology development,” said Exro CEO Sue Ozdemir. “Since our last update three weeks ago, there has been progress across these three facets. The past 60 days have provided many challenges, opportunities, and progress, with management working diligently to implement process that helps to scale the business efficiently and profitably. We are focused on our execution with customers while continuing to utilize our technology to break down the barriers to electrification including cost, performance, and infrastructure.”

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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 towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information, visit the company’s website at www.Exro.com.

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