Exro Technologies Inc (OTCMKTS:EXROF) Stock Gains After Commercialization Agreement with Linamar
Leading clean technology company Exro Technologies Inc (OTCMKTS:EXROF) is involved in the development of new age power control electronics which helps in expanding the capabilities of electric batteries and motors. Yesterday, the company announced that it had signed a definitive commercialization agreement with Linamar Corporation, a strategic partner and tier-1 global automotive supplier.
Trading Data
On Monday, EXROF stock increased 3.21% to $1.9260 with more than 82.97K shares, compared to its average volume of 112.64K shares. The stock moved within a range of $1.8910 – 1.9500 after opening trade at $1.8930.
Commercialization Agreement with Linamar
The agreement came into fruition after Linamar Corporation had successfully tested and validated the integrated electric axle, which had been co-developed by the two companies. The product had been developed through the deployment of the Coil Driver by Exro and the two companies reached the agreement to work on the commercialization of the product for multiple series of production spanning several years.
It was two years ago that the two companies had set a goal to develop the integrated electric axle product. The Global Vice President of Electrification at Linamar, Kevin Ledford spoke about the development as well.
He noted that over the course of the past two years, Linamar had noted the significant progress that had been made by Exro in its technology. He went on to add that through the integration of the technology from Exro, it would be possible for Linamar to offer a cost effective product.
