Mr. Eric Hustedt reports

EXRO ANNOUNCES STELLANTIS N.V. AS PASSENGER VEHICLE INNOVATION PROGRAM PARTNER AND NAMED FINALIST AT STELLANTIS' SUPPLIER OF THE YEAR AWARDS

Exro Technologies Inc. has named its automotive OEM (original equipment manufacturer) partner, Stellantis NV, with which it had previously signed a non-disclosure agreement. The announcement follows approximately 14 months of work completing the first phase focused on integrating the Exro Coil Driver technology into Stellantis's next-generation electric powertrains. Additionally, Exro is pleased to announce its recognition as a finalist for best supplier in the innovation category in the prestigious Stellantis Supplier Awards 2024.

Leading global automotive innovation program partner -- Stellantis NV

For the past 14 months, Exro and Stellantis have collaborated in a confidential innovation program to demonstrate the capabilities of Exro's Coil Driver technology for potential applications within Stellantis's passenger vehicles. The lifting of the NDA marks a milestone for the innovation program as the partners successfully progressed the partnership through multiple technical, performance and cost study milestones.

"Stellantis pushed us to evolve the Exro Coil Driver technology and prove the need to disrupt the passenger EV [electric vehicle] propulsion systems as they exist today," said Exro chief technology officer Eric Hustedt. "They challenged us to demonstrate how our coil-switching inverter technology holds the potential to enhance system efficiency and power while also holding the potential to significantly reduce cost and accelerate the adoption of EVs globally."

Finalist for supplier of the year in innovation

Exro is proud to announce its recognition as a finalist in the Stellantis Global Automotive Supplier Awards, held at the Lingotto Conference Hall in Turin, Italy, on Sept. 24, 2024. Exro was nominated as one of three finalists for the Best Supplier Award in the Innovation category.

Teresa Thiele, Stellantis's senior vice-president of global purchasing programs, said: "The innovation award honours suppliers that have created a feature with the potential of being a brand identifier or a market changer -- an innovation that fulfills the needs of the customer and positively impacts the brand or market position of our Stellantis vehicles and is safe, affordable and sustainable. Exro was nominated for its expertise in innovative motor control technology, which significantly enhanced our electrified motor design, improved performance and reduced costs, demonstrating the commitment to accelerate electric vehicle adoption in the passenger car market."

The ceremony, attended by over 200 global suppliers and Stellantis's top executives, honoured 68 finalists across 21 categories, recognizing their role in propelling Stellantis to the forefront of the global automotive industry. The event celebrated the excellence and collaboration of Stellantis's top-performing suppliers from around the globe, and Exro's recognition by Stellantis highlights its dedication to setting industry standards for quality, performance and customer satisfaction. Exro remains committed to supporting Stellantis's vision of a transformative future.

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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