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Benzinga
Benzinga
Business
Akanksha Bakshi

Why Exro Technologies Shares Are Trading Higher Today

TSX NDA
  • ev Transportation Services (evTS) signed an agreement with Exro Technologies Inc.(TSX:EXRO) (OTC:EXROF) to purchase 1,000 units of its 100V Coil Drive System beginning in 2023. Financial terms not disclosed.
  • This order follows months of collaboration under NDA between the parties to demonstrate the improvement and optimization of FireFly powertrain performance enabled by Exro's Coil Driver technology.
  • The addition of the Coil Driver to FireFly vehicles will offer greater vehicle efficiencies by enabling intelligent electronic gear switching in real-time from a single motor.
  • Over the 36-month term of the agreement, Exro will deliver an increasing volume of its Coil Drive System for evTS production vehicles starting with its 2023 model year FireFly vehicle.
  • Price Action: EXRO shares are trading higher by 6.87% at C$1.40 on TSX, and EXROF is higher by 8.70% at $1.09 on the last check Wednesday.
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