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Benzinga
Benzinga
Business
Shivani Kumaresan

Exro Shares Pop On Supply Agreement With Vicinity Motor

Vicinity VEV Nasdaq Vicinity Motor Corp electric vehicle
  • Exro Technologies Inc (OTC:EXROF) has signed a multi-year agreement with Vicinity Motor Corp (NASDAQ:VEV) for coil drivers. The financial terms were not disclosed.
  • Under the agreement, Vicinity will purchase high-voltage Coil Drive System units from Exro, along with a production slot, system pricing, and commissioning services.
  • The agreement commences with a first lot purchase order of 100 units.
  • Over the 36-month term of the agreement, Exro will deliver Coil Drive System for up to 2,500 units.
  • Exro will also provide electric vehicle design and engineering services from its Vehicle Systems division for additional revenue.
  • Previously, the parties have completed nearly 12 months of development and testing to conduct operational validation for the Vicinity Lightning electric bus.
  • Price Action: VEV shares are trading higher by 7.78% at $1.80, and EXROF is higher by 18.9% at $1.24 on the last check Tuesday.
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