Exro Technologies (EXRO.V), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, announced today that it has entered into a strategic development agreement with Linamar Corporation.
“We are very excited for this development with Linamar, who has been a staple in auto industry manufacturing for decades. This strategic development agreement marks one of our biggest milestones to date and represents a huge opportunity for us to become an integral part of the EV supply chain for major automotive companies,” Sue Ozdemir, Exro Chief Executive Officer.
Linamar has established itself as a global powerhouse in the automobile part manufacturing industry, and has developed advanced electric drive solutions for electric vehicles. Furthermore, Linamar has over 26,000 employees in 61 manufacturing locations, 12 R&D facilities and 25 sales offices in 17 countries in North and South America, Europe and Asia. In total, this generated sales of $7.4 billion for the company in 2019. Regarding Exro’s latest announcement, Exro and Linamar will be working together to develop an advanced eAxle using Exro’s Coil Driver™ technology.
eAxle is an integrated electric drive solution for battery electric vehicles (BEV) or fuel cell electric vehicles (FCEV). As an integrated solution, it provides improved manufacturing costs and more efficient volume usage without sacrificing performance capabilities. On the other hand, Exro’s Coil Driver™ refers to the Company’s intelligent coil switching drive. Electric motors are commonly tuned to either maximize speed, torque, or a combination of both. With this in mind, Exro’s Coil Driver™ technology is able to automatically determine the most appropriate motor configuration in real time. In doing so, the need for a gearbox or dual electric motor setup becomes unnecessary.
“Exro came to us with a unique solution for our electric drive program that we believe is a step in the right direction for accelerating the adoption of electric vehicles…This integrated design can pave the way for cost-effective and high performing electric propulsion systems that are essential to scale the transition to electric mobility,” commented Linamar CEO Linda Hasenfratz.
Initial demonstration of this technology will utilize Linamar’s Medium Duty eAxle product. During this initial phase, Exro will supply its Coil Driver™ development samples and optimized electric motor for integration in eAxle program testing. Completed testing is planned for the Q2 2022. Following successful testing, Exro and Linamar intend to collaborate in order to promote this technology with the intention of commercializing the Coil Driver™ eAxle into series production. Keep in mind, the global electric vehicle market is expected to reach $1,212,1 billion by 2027, growing at a rapid compound annual growth rate of 38.1%.
If successful, the Coil Driver™ eAxle will have a competitive advantage over standard electric vehicles, which lack optimized coil switching techonology.
Exro’s share price opened at $4.13, up from a previous close of $3.82. The Company’s shares are up 8.64% and are currently trading at $4.15 as of 11:31AM ET. This indicates that there has been noticeable change following the news.