CALGARY,
AB, June 17, 2021
- Linamar and Exro have agreed to develop an advanced eAxle
utilizing Coil Driver™ technology to
improve cost and performance of Linamar's eAxle product line.
- This advanced technology can be used in a wide range of
electric vehicle applications.
- Completed testing and validation of prototypes is planned for
Q2 2022. Following successful testing of the eAxle program, Exro
and Linamar will promote the technology to the market with the
intention of commercializing the Coil
Driver™ eAxle into series production.
/CNW/ - Exro Technologies Inc. (TSXV: 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, today announced a strategic
development agreement with Linamar Corporation ("Linamar"), a
global powerhouse in automobile parts manufacturing, to develop an
advanced electric drive solution for electric vehicles.
Linamar is a leading tier one manufacturer of advanced mobility
solutions for the automotive industry that stands at the
intersection of leading-edge technology and deep manufacturing
expertise. Linamar has over 26,000 employees in 61 manufacturing
locations, 12 R&D centres and 25 sales offices in 17 countries
in North and South America,
Europe and Asia which generated sales of $7.4 billion in 2019. Customers include top
automotive manufacturers, commercial vehicle manufacturers and
multinational delivery services companies.
Linamar and Exro have agreed to develop an advanced eAxle
utilizing Coil Driver™ technology to
improve cost and performance of Linamar's eAxle product line. An
eAxle is an integrated electric drive solution for battery electric
vehicles ("BEV") or fuel cell electric vehicles ("FCEV"). The
integrated solution provides better manufacturing cost and
more efficient volume usage, without sacrificing key performance
capabilities.
With growing demand for electric vehicles around the world
to reduce carbon emissions, there is still a critical gap in
electric vehicle affordability and performance to achieve mass
adoption. An advanced eAxle solution can help bridge the gap to
cost-effective and high-performance battery electric vehicles.
Initial demonstration of this technology will utilize Linamar's
Medium Duty eAxle product. In the initial phase of development,
Exro will supply Coil Driver™ development
samples and optimized electric motors for integration in eAxle
program testing. Linamar will supply and integrate the remaining
critical elements of the eAxle system, including the gear box
assembly, for lab and on-road testing. Completed testing and
validation of prototypes is planned for the second quarter of 2022.
Following successful testing of the eAxle program, Exro and Linamar
will promote the technology to the market with the intention of
commercializing the Coil DriverTM eAxle into series
production.
"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," commented Linamar
CEO Linda Hasenfratz. "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."
Sue Ozdemir, Exro Chief Executive
Officer said, "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."
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
Driver™, 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.
Visit us on social media @exrotech.
About Linamar Corporation
Linamar Corporation (TSX: LNR) is an advanced manufacturing
company where the intersection of leading-edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. Linamar is made up of two
operating segments – the Industrial segment and the
Mobility segment, both global leaders in manufacturing
solutions and world-class developers of highly engineered products.
The Industrial segment comprises Skyjack and MacDon. Skyjack
manufactures scissor, boom and telehandler lifts for the aerial
work platform industry. MacDon manufactures combined draper headers
and self-propelled windrowers for the agricultural harvesting
industry. The Mobility segment is subdivided into three regional
groups: North America,
Europe and Asia Pacific. Within the Mobility segment, the
regional groups are vertically integrated operations combining
expertise in light metal casting, forging, machining and assembly
for both the global electrified and traditionally powered vehicle
markets. The Mobility segment products are focused on both
components and systems for new energy powertrains, body and
chassis, driveline, engine and transmission systems of these
vehicles. McLaren Engineering provides design, development, and
testing services for the Mobility segment. Linamar has over 26,000
employees in 61 manufacturing locations, 12 R&D centres and 25
sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.4 billion in 2019. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at
@LinamarCorp.
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 by the use of 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, that 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.
In particular, this news release contains forward-looking
statements pertaining to the following:
- Exro's expectations with respect to its future financial
position, technology advancement and its ability to take advantage
of future opportunities; and
- Exro's expectations regarding future sales agreements and/or a
joint production arrangement with Linamar.
Some of the risks which could affect future results and could
cause results to differ materially from those expressed in the
forward-looking information and statements contained herein include
the risk factors set out in Exro's annual information form and also
include, but not limited to:
- A joint promotion of the technology by Linamar and Exro to the
market with the intention of commercializing the Coil
Driver™ eAxle into series production may not
realize unless the validation testing is complete and successful;
and
- Delays in completion of testing and validation of prototypes
for the second quarter of 2022.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Exro Technologies Inc.