A Canadian cleantech has announced a funding commitment of US$30 million from a long-term institutional shareholder.
Established in 2014, Alberta’s Exro develops modern technology for the electric vehicle sector.
The publicly traded company’s technologies serve to bridge the performance-cost gap in e-mobility, as demonstrated by the Exro SEA-Drive, as well as with regards to stationary energy storage, as evidenced by the Cell Driver.
The Cell Driver is a fully integrated battery energy storage system designed to optimize performance and reduce costs for stationary commercial and industrial energy storage applications.
SEA-Drive, meanwhile, is Exro’s complete electric power system solution. Designed to adapt to an extensive range of trucks and commercial vehicles, the tech enables electrification of the entire spectrum of vehicles from light to heavy duty.
The influx of capital will enable Exro to maintain operations and execute its business plan while advancing a strategic review process supported by an independent strategic advisor, according to a statement from the firm.
The review is intended to evaluate a range of outcomes including strategic partnerships, capital restructuring, M&A opportunities, and other corporate transactions.
Exro is entering a “pivotal phase,” according to the company, and “remains committed to pursuing the best path forward for its shareholders.”
The company has been working with Stellantis, which “pushed us to evolve the Coil Driver technology and prove the need to disrupt the passenger EV propulsion systems as they exist today,” according to Eric Hustedt, Exro’s chief of technology.
“They challenged us to demonstrate how our coil-switching inverter technology holds the potential to enhance system efficiency and power, while also holding the potential to significantly reduce cost and accelerate the adoption of EVs globally,” he stated in November.
En route a path to profitability, Exro made tough choices in 2024, including a reduction in headcount of more than 30%.
Shares in Exro, down 80% over the past year, have surged 50% in the past month.