CALGARY, AB, Feb. 3, 2025 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that provides new-generation power control electronics that expand the capabilities of electric motors and batteries, today released a letter to its shareholders.
As we move into 2025, we reaffirm our commitment to executing on our strategy and building on the progress achieved in 2024. We remain confident in the strength of our blue-chip OEM partnerships, particularly those enhanced by our merger with SEA Electric in 2024.
Operations Update
Throughout 2024, we overcame numerous operational challenges, focused on delivering our leading technology for key customers, and improved operational efficiency. As we enter 2025, we remain dedicated to accelerating innovation and driving organizational improvements, all with the goal of achieving profitability. Most importantly, we are committed to enhancing our balance sheet.
Our commercial vehicle OEM programs have seen continued progress, with ongoing successful Coil Driver™ pilot programs. These collaborations with leading OEM partners have positioned us for growth in the commercial industrial truck segment. Notably, we have secured an additional paid pilot program for the Coil Driver™ drivetrain with a top OEM. The program has launched, and subject to successful on-road testing we aim to secure production for 2026. Please stay tuned to our social media channels for additional information on the program and other operational progress updates.
In the passenger vehicle sector, development with key OEM partners Stellantis and others under NDA are advancing, which we believe will position us for future expansion in the consumer markets for both battery-electric and hybrid applications. We continue to develop this sector to set a strong foundation for future success.
Additionally, we are gaining traction in the energy storage sector, with projects set to deliver in 2025. An update on our Cellex Energy division will be shared at our earnings call in March, as we continue to build momentum in this area.
Corporate Update
Exro continues to transform and establish the foundation for a profitable future with patented IP underpinning all of our key technology. As we evolve, we are right-sizing our business and creating the organization design to build our future.
Tony Fairweather, the founder of SEA Electric, has resigned from the Exro board. Mr. Fairweather was a founder of SEA Electric, and joined the Exro board on completion of the SEA Electric acquisition in April 2024. We thank Tony for his contributions to Exro.
We recognize that financial stability is on everyone's mind. We are confident in the strength and continued support of our major shareholders and customer partnerships as we work on funding solutions, and we look forward to updating our shareholders prior to end of Q1.
Conclusion Exro would like to express its sincere gratitude to its investors for their continued support. The progress we have made so far is a direct result of our collective efforts, and it is only with your commitment that we are able to make an impact in the transformation of global mobility.
Thank you for being a part of this journey. Here's to a successful 2025!
Sincerely,
Sue Özdemir Chief Executive Officer
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com. To view our Corporate Presentation visit us at www.exro.com/investors Visit us on social media @exrotech.
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
