Mr. Jeff O'Dowd reports

EXRO ANNOUNCES CLOSING OF PUBLIC FINANCING FOR PROCEEDS OF $25.0 MILLION

Exro Technologies Inc. has completed its previously announced public offering for a total of 71,429,000 units of the company at a price of 35 cents per unit for aggregate gross proceeds of approximately $25-million. Each unit consists of one common share of the company and one-half of one share purchase warrant, with each warrant exercisable to acquire one additional share at a price of 42 cents per warrant share for 36 months. The warrants will be listed on the Toronto Stock Exchange under the trading symbol EXRO.WT.A at market open.

The net proceeds of the offering are expected to allow Exro to execute on anticipated double-digit quarter-over-quarter growth in deliveries of the company's leading propulsion system technologies to blue-chip commercial vehicle OEM (original equipment manufacturer) customers, as well as Coil Driver innovation programs with major players in the passenger vehicle segment. The proceeds of the offering are anticipated to finance the company through to cash flow positive in 2025.

The offering was led by Stifel Nicolaus Canada Inc. on its behalf and on behalf of a syndicate of agents that includes Canaccord Genuity Corp., Roth Canada Inc., A.G.P. Canada Investments ULC, ATB Capital Markets Inc. and National Bank Financial Inc. Additionally, the company engaged Centurion One Capital Corp. to act as special adviser.

The securities offered in the offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About Exro Technologies Inc.

Exro Technologies, now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including the Exro Coil Driver, Exro Cell Driver and SEA-Drive, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption toward a circular electrified economy by delivering more with less -- minimum energy for maximum results.

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