SEA Electric

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.

SEA Electric signed an MoU with MEVCO to supply 8,500 all-electric Toyota Hilux and Landcruiser models for the mining industry over five years, with a total value close to A$1 billion.

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.