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 released an operational update in a 2023 year-end letter to shareholders. The letter came from CEO Sue Ozdemir and chief investment officer Darrell Bishop. The letter provided “a succinct year-end operational update,” and addressed Cell Driver(TM) progress toward UL testing completion by year’s end, positive developments with named and Non-Disclosure Agreement (“NDA”) partners engaged, and details regarding upcoming interest payments related to the company’s convertible debenture. In the letter, Ozdemire and Bishop noted that the company has been diligently working toward UL certification and remains on track to complete testing by Dec. 31, 2023.
The letter reported that the company had successfully completed first-track testing validation requirements for its Coil Driver system in its project with propulsion technology partner SEA-Electric. The letter acknowledged that the company was not able to reach its goal of lifting at least one NDA partner out of NDA status by the end of 2023, although the letter stated that a project with a leading global automotive OEM partner has been approved to progress to the next phase while the Exro team has successfully completed bench testing with its off-highway NDA partner in Europe. “As tradition dictates, in early Q1 2024, Exro shareholders can anticipate a comprehensive letter that revisits the company’s performance in 2023 and details the 2024 roadmap,” said Exro CEO Sue Ozdemir and chief investment officer Darrell Bishop in the letter. “This note will take into consideration this past year’s significant progress and the 2024 key milestones Exro has defined on its path to profitability. This commitment to transparency with shareholders remains at the forefront of Exro’s dedication to keeping its investors informed.”
To view the full press release, visit https://ibn.fm/z37hq
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) and stationary energy storage (Cell Driver), 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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