viewExro Technologies

Exro Technologies to commence trading on the TSX Venture Exchange on Tuesday

Exro CEO Sue Ozdemir said the listing is an "important milestone" for the company which is executing on its 2020 commercialization strategy

Exro Technologies - Exro Technologies to up-list to the TSX Venture Exchange to boost visibility and broaden its shareholder base
In a recent letter to shareholders, Ozdemir said that the Calgary-based company was on schedule to close eight commercial partnerships by the end of 2020

Exro Technologies Inc (CSE:XRO) (OTCQB:EXROF), which has developed a new class of power electronics for powertrains, said Monday that it has been accepted for listing on the TSX Venture Exchange, and will start trading on Tuesday under the symbol "EXRO".

"The listing of our common stock on the TSX Venture Exchange is an important milestone for Exro," said Exro Technologies CEO Sue Ozdemir in a statement.

"Over the last 12 months we have become a market leader in advanced power electronics within the mobility industries. We have consistently executed on the commercialization strategy we had set for 2020 to demonstrate how our Coil Driver technology can make electric motors faster, stronger, and smarter,” she added.

The Calagry-based clean technology company recently closed an oversubscribed $8 million financing earmarked for the research and development of its intelligent battery management system and electric vehicle programs.

READ: Exro Technologies in 'great position' to deliver on its pipeline of projects for 2020

“Our financial position is strong, we have made significant investments and our team is motivated to bring Exro technology to the global marketplace,” Ozdemir said. “To commence trading on Canada's leading exchange is an achievement we are incredibly grateful for and we believe will continue to add value to our stakeholders as our business continues to grow."

Ozdemir told shareholders recently in a letter that the company is on schedule to close eight commercial partnerships by the end of 2020.

Exro's advanced motor control technology, its 'Coil Driver', expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real-time so that torque demand and efficiency are optimized.

Shares of Exro delisted from the Canadian Securities Exchange by Monday's market close.

--Updated with delisting information--

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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