Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company which has developed new-generation, power-control electronics that expand the capabilities of electric motors and batteries, is reporting financial results and corporate updates for the quarter ended Dec. 31, 2023. Highlights of the report include 2023 revenue of $5,736,140; lifting a nondisclosure agreement with Giaffone and announcing the completion of Coil Driver(TM) validation along with the acceptance of purchase order agreements that began in Q1 2024; and the launch of production for Coil Driver in Q3 2023 followed by initial deliveries to customers of sample units in Q4 2023. In addition, the company noted that it had entered into a merger agreement with SEA Electric Inc. in January 2024; the merger will include the acquisition of SEA Electric and an associated equity financing for gross proceeds of $30,020,000.“Our company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved,” said Exro CEO Sue Ozdemir in the press release. “[Last year] already feels like a distant memory with Exro entering into transformational merger with electric vehicle technology company SEA Electric in Q1 2024, setting the stage for accelerated revenue growth, technology deployments, and path to profitability. We look forward to closing the transaction and delivering on commitments to our major commercial and passenger vehicle OEM partners in 2024 and beyond.”
To view the full press release, visit https://ibn.fm/g9KXK
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 — Exro’s Coil Driver(TM) — and stationary energy storage — Exro’s 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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