CALGARY,
AB, Dec. 12, 2024 /CNW/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
new-generation power control electronics that expand the
capabilities of electric motors and batteries, announced today the
successful installation of its first in-field Cell Driver™ Battery
Energy Storage System ("Cell Driver™") at Red Deer
Polytechnic ("RDP"). The installation was led by Cellex
Energy Inc, Exro's subsidiary dedicated to Cell Driver™ development
and commercialization, and was completed earlier this month. This
achievement will be celebrated with an official ribbon cutting
ceremony this morning with members of RDP, Exro, and local
officials.
The RDP installation integrates Exro's Cell Driver™ system with
a 1.6-megawatt rooftop solar system (nearly 4,200 solar panels) and
a one-megawatt Combined Heat and Power Unit installed in
partnership with Inferno Solar, at RDP's Energy Innovation Centre.
The project is intended to demonstrate how clean energy
technologies can be incorporated into existing commercial buildings
-- potentially a significant market opportunity for the deployment
of Cell Driver™. The installation of the Cell Driver™ system at RDP
is a use-case for educational facilities and municipalities
committed to meeting net-zero standards and is expected to enhance
the institution's efforts in advancing alternative energy research,
education, and green technology adoption in Alberta. It will be a component of Red Deer
Polytechnic's Energy Living Lab, which allows industry experts and
students to explore energy innovation on a large scale at a systems
level.
"We are pleased to have successfully completed the installation
of the first Cell Driver™ system at Red Deer Polytechnic," said
John Meekison, General Manager of
Exro's Cellex division." As we work toward the goal of
commercializing our Cell Driver™ technology this application serves
as a powerful proof of concept for future opportunities,
demonstrating how our system can lower energy costs and improve
operational efficiency for commercial and industrial users. We're
excited to demonstrate how our technology can drive sustainable
energy solutions."
RDP's Energy Innovation Centre research staff, along with
industry partners and students who engage within this innovation
space, will assess how the new Cell Driver™ energy storage system
works to help determine its capabilities and how it can best be
used to support reliable, affordable energy generation in other
organizations across Alberta. The
province's cold winter climate often creates challenges for battery
and power generation systems to work efficiently and
effectively.
"The partnership with Exro to install the Cell Driver™ system on
Red Deer Polytechnic's main campus has been a great success in
showcasing our Energy Living Lab and how we support the industry to
find and use innovative solutions that contribute to a more
sustainable and secure energy future. This directly impacts
organizations and people in Alberta and beyond," said Tonya Wolfe, Associate Vice President, Applied
Research, at Red Deer Polytechnic. "This installation also
addresses a need at our post-secondary institution to provide a
state-of-the-art energy storage solution that enriches our
students' learning experiences. The Cell Driver™ will offer
hands-on opportunities for students to work with next-generation
technology, preparing them for career success in green energy roles
and sectors. We look forward to continuing our collaboration with
Exro."
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic
acquisition of SEA Electric, is a leading clean technology company
that has developed new-generation power control electronics. Its
innovative suite of solutions, including Coil Driver™, Cell
Driver™, and SEA-Drive®, expand the capabilities of electric motors
and batteries and offer OEMs a comprehensive e-propulsion solution
with unmatched performance and efficiency. Exro is reshaping global
energy consumption, accelerating 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.
ABOUT RED DEER
POLYTECHNIC
Focused on advancing the economic and social priorities of
Alberta, Red Deer Polytechnic
(RDP) provides more than 80 industry-relevant programs and a
breadth of credentials to approximately 10,000 credit, non-credit,
and apprenticeship students. With modern teaching and learning
spaces, and state-of-the-art research and innovation centres, RDP
provides education and applied research opportunities in
partnership with industry and communities. Red Deer Polytechnic's
main campus is located on Treaty 7, Treaty 6 and Métis ancestral
lands. This is where we will strive to honour and transform our
relationships with one another.
For more information about RDP's sustainability initiatives
visit www.rdpolytech.ca/sustainability
Visit us on social media at facebook | X | instagram
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 using 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, which 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, 2023, and financial
statements and related MD&A for the financial year ended
December 31, 2023, 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.
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SOURCE Exro Technologies Inc.