Exro Technologies

Exro Technologies Inc. completed the acquisition of SEA Electric Inc., making SEA Electric a wholly-owned subsidiary. The merger was approved on April 4, 2024, and closed on April 5, 2024.

Exro Technologies will acquire SEA Electric, a California-based electric drivetrain provider, for approximately $402 million Canadian. The transaction is expected to close by end of Q1 2024.

Exro Technologies began production of its Coil Driver inverter technology at its Calgary facility, backed by purchase orders from HB4 Group and Vicinity Motor Corp.

Exro Technologies signed a product development agreement with a global market leader (under NDA) for an off-highway hybrid diesel-electric application using Exro's Coil Driver inverter. The agreement includes a purchase order for sample units by Q1 2023, with potential series production of 8,000-10,000+ units annually.

Exro Technologies has signed a multiyear master sales and service agreement with SEA Electric to supply 1,500 high-voltage Coil Drive System units for commercial electric vehicles. Deliveries start with a pilot in Q4 2022 and first purchase order for 500 units in Q4 2023.

Exro Technologies Inc. has reached a multiyear sales and service agreement with Vicinity Motor Corp. to supply up to 2,500 Coil Drive System units for electric buses, starting with a first lot purchase order of 100 units.

Exro Technologies signed an agreement with LAND Electric Motorcycles to produce up to 2,000 units of the Coil Driver in the first year. The first Coil Driver will ship in February 2021.