At a Glance:
- Exro's Cell Driver™ has successfully completed
certification of its battery module per UL 1973 requirements, a key
milestone which confirms Exro's modules' quality, resilience, and
ability to operate safely and effectively in a variety of
conditions.
- Exro has entered the final stage of certification
requirements for its Cell Driver™ and anticipates completion in Q4
2023, which is to be followed by the start of series production and
initial customer deliveries in Q4 2023.
- Exro was recently granted patent protection related to its
cell level control of batteries which results in superior charging,
better depth of charge, enhanced safety, and increase of cell
longevity.
- Management will host its next monthly 'Look Inside'
livestream event for shareholders today at 2:30 PM ET. Register via:
LINK.
CALGARY,
AB, Aug. 22, 2023 /CNW/ - Exro Technologies
Inc. (TSX: EXRO), (OTCQB: EXROF) (the
"Company" or "Exro"), a leading clean-technology
company that develops new generation power-control electronics that
expand the capabilities of electric motors and batteries, today
announced another milestone achievement with certification of its
Cell Driver™ battery modules to the Underwriters
Laboratories' (UL) 1973 standard.
Cell Driver™ UL
Certification Update
"We are thrilled to progress our Cell Driver to near the finish
line of UL certification," said Exro CEO Sue Ozdemir. "To mitigate the effects of climate
change, energy storage is an important component in the ecosystem
required for a sustainable electrified future. Through our
expertise in power electronics, Exro delivers real-world solutions
that change how the world consumes energy. Our patented technology
will provide commercial and industrial applications with
high-quality, safe, and reliable energy while alleviating stress on
existing grid infrastructure."
UL 1973 is an industry standard for stationary energy storage
systems which confirms Exro's modules' quality, resilience, and
ability to operate safely and effectively in a variety of
conditions. With successful completion of UL 1973, the Cell
Driver™ has moved to the final phase of testing
requirements for UL certification. UL certification is required
prior to connecting the Cell Driver™ to the utility grid
in North America.
Previously anticipated for late Q3 2023, Exro now expects
completion of UL certification in Q4 2023, dependent on scheduling
at UL's certification laboratories. Certification will be followed
by the start of series production for Cell Driver™
beginning with in-field pilots and initial customer deliveries in
Q4 2023. In parallel with the UL testing and certification process,
Exro continues commercialization and marketing efforts in alignment
with system certification. The Company's network of channel sales
partners continues to respond to a high volume of quotes on initial
applications with first pilots and purchase orders targeted for
later this year.
Key Patent Award
Exro is now patent protected in relation to a key
differentiating feature within its Cell Driver™ Energy
Storage System (ESS) with the recent grant of patent #US11,708,005
B2, "Systems and Methods for Individual Control of a Plurality of
Battery Cells". Exro's patent supports cell level control,
resulting in superior charging, deeper discharge rates, enhanced
safety, and continuous operation. This enables commercial and
industrial buildings to manage energy consumption, safeguard
against grid outages, store energy produced on-site, and realize
benefits through peak shaving and load shifting.
Cell Driver™ is also equipped with Exro's proprietary Battery
Control System™, that actively manages cells based on their
State-of-Charge (SoC) and State-of-Health (SoH).
Case Study
Exro recently conducted a real-world case study with a
California-based restaurant chain
to demonstrate how the integration of Exro's fully-integrated
commercial and industrial energy storage system can provide
significant benefits to a business:
Exro-Cell-Driver-Stand-Alone-Case-Study.pdf
For additional information on Exro's Cell Driver™, please visit:
Exro-Cell-Driver-Catalog.pdf.
Shareholder Webcast
Please join Exro leadership today at 2:30
PM ET for a monthly 'Look Inside' where the company will
speak to the recent patent award and UL Certification process. To
attend please register here: LINK.
ABOUT EXRO TECHNOLOGIES
INC.
Exro Technologies Inc. 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 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.
CAUTIONARY STATEMENT REGARDING
FORWARD LOOKING STATEMENTS
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 by the use of 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, that 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, 2022, and financial
statements and related MD&A for the financial year ended
December 31, 2022, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/exro-cell-driver-energy-storage-system-passes-ul-1973-and-advances-to-final-stage-of-ul-certification-301905789.html
SOURCE Exro Technologies Inc.