Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro”), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, is publishing the following letter to shareholders sharing updates on the company from its CEO.
Dear Fellow Shareholders,
Over the past year, our company has grown significantly: in people, in technology and in facility size. I am now proudly surrounded by over 60 employees, as we continue to recruit the best people for new positions. Our future is bright, and none of this is possible without your support. The team is dedicated to bringing our technology to market and motivated to help build a sustainable future. In our recent employee survey, 100% of our employees stated that they would recommend Exro as a place to work. On behalf of all our team, thank you for your continued support!
Following the announcement of our second quarter 2021 financial results, we received positive responses from shareholders and interest in hearing more regularly from us—and we’re happy to oblige. Exro is committed to delivering technology that can alter electrification across the mobility industry, and we’re working diligently towards that goal. We’re making a concerted effort to improve our communications around projects and deliverables, and for shareholders eager to hear our updates, we have a few new ways to engage with us.
I would be remiss to not acknowledge the recent short-term delays in a few of our 2021 project milestones. The project updates for Zero, LAND, and Potencia are now expected in fourth quarter 2021. This is a normal part of taking new intellectual property (“IP”) to market and our team remains confident in our ability to work through these issues and deliver products to our customers. We’ve been managing various supply chain delays and resource allocation amid the pandemic while working to increase testing capacity to streamline our processes. As recently presented in our Management Discussion and Analysis (“MD&A”), our 2021 project milestone delays have not impacted our 2022 milestones, those remain on track for our overall 2022 targets.
Seeing our company grow has been a phenomenal journey. The new manufacturing facility in Calgary is progressing as planned and we have established the team and platform for our quality management process. Upon its completion in early 2022, the facility will support our growing pipeline by being able to deliver products that meet automotive standards, quality standards and local regulations. Our Arizona facility has also commenced construction. I was able to walk through the new location in Mesa this week and am excited for our future USA headquarters. Some of our upcoming social media communications will provide a virtual look into these facilities as they progress, so be sure to follow us at @exrotech.
Exro Technologies is bridging the gap to electrification. The ability to optimize performance with innovative, cost-effective controls can be a step change for the mobility industry. Thank you all for your patience, your belief in Exro and your faith in me.
We welcome all of our shareholders to enjoy the ride and behold the future of Exro.
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.
Exro’s advanced motor control technology, the Coil DriverTM, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.
For more information visit our website at www.exro.com.