Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF), a leading innovator in clean technology providing advanced propulsion systems for e-mobility and proprietary battery control solutions for stationary energy storage, is thrilled to announce that its Cell Driver™ stationary energy storage system has successfully achieved UL certification status. Additionally, the company has launched a new subsidiary, Cellex Energy Inc., dedicated to the commercialization of the Cell Driver™ technology. This UL certification marks a pivotal milestone, transforming the Cell Driver™ into a fully de-risked and market-ready product.
“Introducing disruptive technology to the market is always a challenging journey,” remarked Exro CEO Sue Ozdemir. “This achievement represents years of relentless dedication and hard work from our team. We are deeply grateful to our shareholders for their unwavering support throughout the UL certification process. Navigating the certification presented numerous challenges for both Exro and the UL certifiers, as we were working with innovative technology that surpassed existing testing standards. Thanks to the perseverance and commitment of our team, our energy storage solution is now prepared for deployment, offering customers unparalleled safety, performance, and cost savings.”
Gaining UL certification is a monumental achievement for Exro Technologies, representing the culmination of over two years of intense development and testing. This certification enables Exro to promptly bring the Cell Driver™ technology to market, focusing on the commercial and industrial (C&I) sectors. The applications of the Cell Driver™ across these sectors are extensive, including use in commercial buildings, office complexes, retail centers, hotels, restaurants, schools, and hospitals, among others.
Certification is crucial for integrating products into the energy grids of the USA and Canada, ensuring compliance with stringent safety standards and regulatory requirements. The certification of the Cell Driver™ encompasses several system and subcomponent standards, as well as the certification of its manufacturing process, which will be handled by Exro’s contract manufacturing partner, Re-Build Manufacturing.
This achievement underscores Exro’s capabilities in innovation and design, bringing groundbreaking technologies to market that meet customer demands while maintaining the highest standards of safety and performance. The reliability and effectiveness of the Cell Driver™ have been validated through a demonstration unit installed at Exro’s Calgary facility, which has been operating under harsh Canadian climate conditions for over a year. This testing has provided valuable data, enhanced software functionality, and facilitated the testing of new Energy Management System (EMS) features.
As Exro transitions to the commercialization phase, the company has established Cellex Energy Inc., a new subsidiary dedicated to the Cell Driver™ technology. This strategic initiative will ensure focused attention and visibility for Exro’s energy storage solutions, allowing for better resource allocation, enhanced operational efficiency, and improved market responsiveness. The dedicated division will also strengthen engagement with customers and stakeholders, ensuring that Exro’s innovative energy solutions reach a broader market.
In parallel with these developments, Exro continues to collaborate with several launch partners for in-field pilot projects. While pursuing certification, the company has built a robust network of channel partners across North America in the solar, energy storage, electric vehicle (EV) charging, and building energy management sectors. These partnerships are key to accelerating a strong pipeline of sales opportunities.
Since the acquisition of SEA Electric on April 5, 2024, Exro has been focusing on restructuring its business operations, divesting non-core assets, and ramping up production for its prominent OEM customers. The company is implementing rigorous cost optimization measures aimed at reducing General & Administrative expenses by up to US$10 million annually by 2024. Since the acquisition, Exro has already realized approximately US$7.5 million in annualized savings through operational efficiencies, including reducing redundancies and streamlining the supply chain. Recent savings are partly due to winding down Exro’s engineering services division in Detroit, whose functions were duplicated internally post-acquisition. Exro plans to achieve further savings through facility rationalization and a continued emphasis on operational efficiency.
Exro’s Cell Driver™ is designed to enhance performance and reduce costs for stationary energy storage applications, enabling users to manage energy consumption more effectively, safeguard against grid outages, store energy produced on-site, and benefit from peak shaving and load shifting. This fully integrated battery energy storage system incorporates Exro’s proprietary Battery Control System™ (BCS) technology, maximizing cell safety, capacity, and lifespan. It allows businesses to control their energy usage efficiently, reduce electricity expenses, and improve overall energy reliability. A standout feature of the Cell Driver™ is its ability to isolate defective cells while maintaining 100% operational functionality, thanks to its advanced micro-protection mechanisms. These mechanisms provide exceptional safety and minimize the risk of cell-level thermal runaway by reducing the operating current on overheated cells.
