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Exro Technologies Inc
Symbol EXRO
Shares Issued 146,834,231
Close 2023-02-06 C$ 2.69
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Exro, Greentech enter Cell Driver channel partnership

2023-02-07 10:17 ET - News Release

Ms. Sue Ozdemir reports


Exro Technologies Inc. has entered into a channel partnership agreement with Greentech Renewables Southwest, a division of consolidated electrical distributors (CED) greentech, one of the largest solar equipment distributors in the United States. The agreement aligns with Exro's targeted go-to-market strategy for its Cell Driver(TM) energy storage system product offering, partnering with leading clean energy integrators that provide expertise and scalability to amplify and accelerate market penetration to commercial and industrial (C&I) customers.

"We are thrilled to welcome Greentech as our first U.S. partner as we build a network of leading integrators and customers that will support taking Cell Driver to market in the multibillion-dollar commercial and industrial space," said Exro chief executive officer Sue Ozdemir. "As one of the largest solar solutions providers in the U.S., Greentech is a highly reputable partner through which our Cell Driver can be marketed, sold, distributed and serviced. Partnering allows Exro the operational and financial flexibility to focus on its core products. For our shareholders, the partnership provides visibility on one of the near-term pathways to revenue for our differentiated product offering in the under-serviced commercial and industrial sector in one of the largest solar markets in the world -- the sun belt of the southwestern United States."

Channel partnership agreement framework

The non-exclusive partnership will accelerate and amplify Exro's market presence, targeting Greentech's growing demand for energy storage in C&I applications, as well as EV (electric vehicle) charging stations.

The primary objectives for 2023 are to successfully introduce the Cell Driver product to Greentech's network of commercial integrators. These objectives are contemplated to be met in two phases beginning with the development of a joint sales and marketing plan, including a pilot project. Several sites are being evaluated for the pilot. The second phase of the agreement will see Greentech, along with its network of solar installers, providing a flexible product demand forecast on a rolling 12- and 24-month period over the five-year term of the agreement.

The energy storage system, consisting of Exro's Cell Driver integrated with Greentech's solar panel products and services, will be designed to serve as a flexible energy asset, a value-add that supports peak shaving and grid reliability, while also having potential applications for fully off-grid projects.

Partnering with the leader in renewable energy solutions in the United States

Greentech Renewables Southwest is a nationwide distributor in the renewables industry, providing customers with the appropriate tools and informational resources to design, sell, and install energy storage solutions efficiently and cost-effectively. With over 80 locations in major solar markets in the U.S., Greentech offers extensive on-site inventory and logistics support in addition to financing, design, and engineering services, to meet the unique needs of its customer network of solar installers and developers.

Exro's Cell Driver will occupy a central role in Greentech's portfolio for commercial and industrial applications. This will enhance Greentech's offerings by providing a comprehensive storage solution to its diverse customer base, in addition to its already established solar panel offerings.

Exro's Cell Driver -- the world's safest and most advanced energy storage system

Solar panels have one job: they collect energy from sunlight and transform it into electricity. But, they can make that energy only when the sun is shining. That's why the ability to store solar energy for later use is important: it helps to keep the balance between electricity generation and demand. Simply put, a solar-plus-storage system is a battery system that is charged by a connected solar system. Many solar-energy system owners are looking at ways to connect their system to a battery so they can use that energy at night or in the event of a power outage. According to Bloomberg's NEF Global Energy Storage Market Report for 2022, the global market for stationary energy storage is forecast to reach over $125-billion (U.S.) by 2030. Exro's Cell Driver is positioned to capture this rapidly expanding use case market for energy storage.

With the global push toward sustainable clean energy solutions, the market outlook for stationary energy storage continues to grow. Stress on utility grids has resulted in rolling blackouts in places such as California, Texas, Arizona and more. These blackouts, combined with inflated peak rate charges for electricity, highlight the growing need for flexible backup energy storage solutions, particularly for commercial and industrial applications.

The Exro Cell Driver provides an increased depth of control over battery cells, resulting in superior charging, deeper discharge rates, enhanced safety, and continuous operation. This enables commercial and industrial buildings to manage energy consumption, safeguard against grid outages, store energy produced on-site, and realize benefits through peak shaving and load shifting. Cell Driver is also equipped with Exro's proprietary Battery Control System, that actively manages cells based on their state-of-charge (SoC) and state-of-health (SoH). This enables micro-protection mechanisms to electronically isolate faults, significantly reducing chances of thermal runaways, without any disruptions to system operation. Combined, the Exro Cell Driver confronts challenges facing the stationary energy storage market and also provides an optimal solution for influx of retired electric vehicle batteries with its active cell balancing functionalities by repurposing into a second life in stationary energy storage.

Exro's Cell Driver remains on schedule to complete UL Certification in late Q2 2023 -- certification required to connect to the power grid in North America.

Product inquiry contact

Greentech is now accepting orders for Cell Driver for delivery in Q3 2023. Exro and Greentech Southwest will be offering technical and sales training on a continuing basis to support product introduction to electrical and solar contractors.

About Exro Technologies Inc.

Exro Technologies is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver) and stationary energy storage (Cell Driver), and act to accelerate adoption toward a circular electrified economy by delivering more with less -- minimum energy for maximum results.

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