Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed a new class of power electronics for electric motors and batteries, has released its third quarter financial and corporate report for the period ended Sept. 30, 2021. Highlights of the report included news that R&D activities increased by sixfold, including added testing and validation of projects aimed at advancing commercialization, the release of a new application for Exro’s proprietary Coil Driver(TM), a move to the Toronto Stock Exchange and the submission of an initial application to list on the Nasdaq Stock Market LLC. Financial numbers for the nine-month period showed a comprehensive loss of $18,063,147 with an increase of selling, general and administration expense to $3,564,133. Payroll and consulting fees increased by $1,938,876 while research and development increased to $5,042,480. “Exro has been firing on all cylinders over the summer,” said Exro Technologies CEO Sue Ozdemir in the press release. “We have a number of development and expansion projects underway, and all of our resources are now running at full capacity. In addition to the recent Coil Driver patents filed in July 2021 , AVL, an independent third-party firm, confirmed that our coil switching technology optimizes the performance of electric motors. Further, not only have we completed the first vehicle integration of the Coil Driver with Potencia and Zero Motorcycles, but the team has also made significant progress in terms of size and power density of the Coil Driver products.”
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About Exro Technologies Inc.
Exro is a clean-technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. Exro’s advanced motor control technology, the Coil Driver(TM), expands the capabilities of powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
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