- ev Transportation Services (evTS) signed an agreement with Exro Technologies Inc.EXRO 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.