Exro Technologies Company Update - Quarterly Webcast Program OCTOBER 2021
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Exro Technologies Company Update Quarterly Webcast Program OCTOBER 2021
Forward Looking Statement Notice
This presentation contains forward-looking statements within the meaning of Canadian securities laws. These statements relate to future events or future performance and reflect management’s
expectations regarding the Company’s growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs
and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”,
“anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “target” or the negative of these terms or other comparable terminology. Forward-looking statements are necessarily based on
estimates and assumptions made by management in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as factors
management believe are appropriate. Forward-looking statements may include but are not limited to statements respecting volatility of stock price and market conditions, technology risks and risks
associated with the commercialization of Company's technology, regulatory risks; the Company's reliance on key personnel; the Company's limited operating; market uncertainties, and the
protection of patents and intellectual property.
These forward-looking statements are based on the beliefs of the management of Exro and on assumptions which such management believes to be reasonable, based on information available at the
time such statements were made. However, there can be no assurance that forward-looking statements will prove to be accurate. Such assumptions and factors include, among other things:
demand for the technology of the Company; the Company's ability to maintain existing partners and attract new partners; the impact of competition; the Company's ability to obtain and maintain
existing financing on acceptable terms; the Company's ability to retain skilled management and staff; currency, exchange and interest rates; the availability of financing opportunities, risks
associated with economic conditions, dependence on management; conflicts of interest and market competition; the ability to commercialize the Company’s technology; and operating in an
environment subject to regulation.
The preceding list is not exhaustive of all possible factors. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the
Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, any investors or users of this document
should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject
to a number of known and unknown risks, uncertainties, assumptions and other factors
Please refer to the Company's annual information form and other public disclosure documents filed with the Canadian securities regulators under its profile at www.sedar.com for additional
disclosure respecting the risks affecting the Company and its business.
Readers should not place undue reliance on the Company’s forward-looking statements, as the Company’s actual results, performance or achievements may differ materially from any future results,
performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company’s business, or if the Company’s
estimates or assumptions prove inaccurate. The Company does not undertake to update any forward-looking information, except as, and to the extent required by applicable securities laws.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 2
Agenda
Exro Overview
Technology Updates
Third-party validation
Technology roadmap
Partner Updates
Coil Driver project updates
BCS pilot update
Company Updates
Business development
Facilities & equipment
Question & Answer
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 3
Exro Overview Visibility into the company and why it matters.
Exro is bringing new solutions for electrification
Power electronics
expertise & services
ENTERING EMERGING MARKETS
Improve EVs cost &
performance Extending life of
batteries
SPEED | TORQUE | EFFICIENCY
SECOND LIFE | ENERGY STORAGE
Leading the way to a sustainable electrified world.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 5Summary View
Focus on Electric Mobility Proprietary tech Addressable Markets
Innovative control solutions for • 36+ patents that cover the Coil Electric mobility inverters:
Driver and BCS USD $7.7B by 2025 – Global CAGR of 17.6%1
motors and batteries.
• Filed new patent family for charging Stationary energy storage:
USD $9.3B by 2025 – Global CAGR of 7%2
• 3rd party tested by AVL
To market strategy Strategic Partnerships Pipeline
• Mobility suppliers • Linamar as a tier one automotive • Received orders for pilot units
supplier
• Emerging to EV OEM’s • Partnership growth
• Looking to sign additional
• NAM to global Europe and Asia strategic in Q1 2022
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 6The Commercialization Journey
START CRAWL WALK RUN
CUSTOMER
Prove value of the core
technology and
Technology validations by
versatility for many
partners and third parties.
applications. Begin to
Execute the product
establish brand
development process to
recognition in the
integrate the electronics Convert partners to
market.
for operating applications. customers and deliver
products in volume
production.
Running to the customer
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 7The Capabilities for Commercialization
START
REVENUE
FACILITIES PRODUCTS
• 2 Facilities in Canada • Coil Driver
• 1 Facility in USA • Battery Control System
EMPLOYEES PARTNERS
• 60+ Employees • 8+ Active Partners
• Engaged in our product
development process and
partner model
Product Development Process
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 8Executing the Commercialization Journey
START CRAWL WALK RUN
CUSTOMER
Growth in market cap and
brand recognition
Strategic partnerships
Growth in pipeline with
partners Scaling with HV Products for
commercial trucking
Versatility in applications
First orders for Pilots
Execution of projects to
our partners In Vehicle testing o First Orders for Production
3rd Party technology validation o Manufacturing Facility
o Functional reliability of product o Functional Demonstrators
o Ecosystem solution provider o First Multi Year agreement
o Expanding into new markets
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 9Electrifying innovation through the power electronics
Exro Drives Exro Energy
CONTROLS FOR MOTORS CONTROLS FOR BATTERIES
Next generation inverter enables ‘coil switching’ New inverter design with advanced cell control software
Vehicle discharging capabilities Enables next generation energy storage
Target Markets: E-mobility Target Markets: stationary battery energy storage
applications
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 10Why We Matter – Coil Driver
Optimized Power
Reducing the cost of electric powertrains and bridging
the gap for the transition to electric vehicles.
Accelerating sustainable solutions.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 11Why We Matter – BCS
Lifecycle value chain
Exro‘s Battery Control System can repurpose those
batteries for a new second life application in our energy
storage systems that exceed Underwriters' Laboratories
(UL) standards.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 12Technology Updates Visibility into the technology roadmap.
AVL Validation on Coil Driver Technology
Validating Coil Switching
while in Operation
Results proved Exro’s Coil Driver™
successfully combines two traditionally
separate formats of power electronics for the
first time. This has the potential to reduce the
weight and cost of electric powertrains.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 14Coil Driver Product Line
Powerful, efficient, versatile.
Product
LO W VO LTAGE H IGH VO LTAGE
family
Nominal
Up to 48V Up to 100V Up to 400V Up to 800V
voltage
Power
Si FET Si FET SiC FET SiC FET
Module
Addressable Recreational Electric cars Fleet vans Trucks & Buses
markets E-scooters Motorcycles SUVs & trucks Super cars
Form factor may change as applications changes. All options may be customized as needed.
Si FET = Silicon field effect transistor
SiC FET = Silicon carbide field effect transistor
Full product offering covering complete range of mobility applications
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 15Product Development Roadmap
START CONCEPT DESIGN VALIDATION OPERATIONAL PRODUCTION
REVENUE
Conception of the idea
and facilitating R&D.
Designing the electronics
for the desired application.
Integrating the electronics
design into an application,
environment and platform.
Confirm electronics reliability in
real world applications meets
industry compliance.
Achieve volume production
readiness and deliver
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not product to customers. 16
intended to be distributed to any third party without the written consent of Exro Technologies.Once we hit production, what’s next?
The Road Ahead
Low Volume Production
• Target end of 2022
START
• ~100,000 Units (per shift)*
High Volume Production
Product Development Roadmap
• Target end of 2023
• 500,000+ Units*
*These volumes are examples of possible commercialization
goals for Exro and are subject to change. They shouldn’t be
taken as definitive forecasts or capacity projections at the
time of writing this on October 7, 2021.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 17How does the BCS fit in?
Optimizing Power
Electronics
It’s also power electronics… so we can manufacture from the
same plant with the same process…
We can assemble the storage container in the USA and ship
the electronics there
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 18Technology Roadmap
COIL DRIVER
From ETR to Coil Driver™
Exro has evolved from R&D electronics projects to the Coil Driver™ with a
completely integrated solution. Integrated solution validation ahead.
BATTERY CONTROL SYSTEM
Commercialization by the end of 2022
The Battery Control System development is progressing as planned. We are
currently working through final design and UL certification while starting
conversations on commercialization for the end of 2022 with our Energy Storage
System. Facility upgrades will include this assembly.
REARCH & DEVELOPMENT
Remain focused on innovating
Functional demonstrator vehicles, fuel cell, e-axle, integrated power electronics
solutions
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 19Functional demonstrators
Showcasing at CES 2022
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 20Partner Updates An update on our Low-Voltage and High- Voltage partner projects.
Our Partner Model
Design Validation Operational Production
Motor Partners
COIL DRIVER LV
COIL DRIVER HV
Commercial Partners
COIL DRIVER HV
COIL DRIVER LV
COIL DRIVER HV
COIL DRIVER LV
COIL DRIVER HV
COIL DRIVER LV
Development Partners
COIL DRIVER HV
COIL DRIVER HV
Strategic Partners
COIL DRIVER LV
Validating integration with applications
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 22Low-Voltage Coil Driver™ Partner Projects
100V CD automotive application 100V CD for District motorcycle 100V CD for ZF75-10
Technology integrated and now In final stages of validation Exro integration for future Zero
road testing for 6+ months testing models
100V CD for eSled Key partner for LV product line
Q2 2022 targeted delivery Motor tested and validated now
optimizing the drive in this class
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 23LOW VOLTAGE PROJECTS
Successful Coil Drive Technology Integration
Exro has been collaborating with Zero Motorcycles to integrate Coil Drive
technology into a Zero motorcycle to improve powertrain performance.
Exro has successfully provided Zero with the performance test results
that demonstrates the Coil Driver’s optimization of low-end torque and
high-end speed when combined with the Zero motor powertrain.
Exro and Zero will now move forward to validate the bench testing with
in-vehicle evaluation of performance and system efficiency.
“We’re really excited about this partnership and how
Exro’s technology can further enhance the performance
of our bikes. At Zero we’re focused on continually
innovating to make our products better and we believe
this could be a great step in that direction.”
- Ryan Biffard, Technical Lead for Powertrain
Development at Zero
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 24LOW VOLTAGE PROJECTS
100 Volt Coil Driver Installed in First Automotive
Application
Following a thorough customer validation process, test bench
results demonstrated performance improvements in Potencia’s
electric motor with Exro’s 100 Volt Coil Driver.
The Exro and Potencia teams also completed the installation of
the 100 Volt Coil Driver into their light automotive application, a
first for the 100 Volt Coil Driver, and will now move forward to six
to nine months of on-road operational reliability testing.
“We’re proud of what we’ve accomplished with Exro
over the years and to finally progress to the integration
stage. The teams navigated industry-wide challenges
with professionalism, keeping us updated regularly on
progress towards this incredible milestone.”
- Robert Godfried, CEO at Potencia
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 25Low-Voltage Application Mobility Segments
Exro Tech Optimizing Power
These projects will deliver validated Coil
Driver™ technology to several e-mobility segments.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 26High-Voltage Coil Driver™ Partner Projects
800V drive system with Developing an advanced 400V motor and drive Key partner for HV product
our TSA motor; upfitted eAxle utilizing HV CD system line
into a Mack LR garbage technology to improve
On schedule to deliver Q2 Collaboration delivers a full
Truck cost and performance of
2022 followed by 6 powertrain system and
Linamar’s eAxle product
400V drive system with months of testing enables a broad product
line
our TSA motor partner; range with increased
Purchase orders for VMC
upfitted into a F59 Delivery Completed testing and performance in the
2023 next generation e-
truck for UPS validation of prototypes is growing commercial
bus
on track for the second electric vehicle markets
Vehicle integration for
quarter of 2022
early 2022
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 27HIGH VOLTAGE PROJECTS
2022 Deliveries for 400V and 800V Drive
System Projects
Supply chain and test capacity delays have impacted deliveries
on two key projects: 1) an uplifted Mack LR garbage truck with
Exro’s 800V drive system and 2) an uplifted F59 delivery truck
for UPS with Exro’s 400V drive system. Despite these delays,
Exro has been able to demonstrate increased torque in the final
testing on its high-speed mode with the TSA motor. It
anticipates Q2 2022 deliveries.
“We believe that electric trucks and commercial
delivery fleets have a huge role to play in reducing
transportation emissions globally. Our work with Exro
will demonstrate that electric heavy-duty vehicle
performance can match, and even outperform, gas-
powered alternatives. Despite delays, our relationship
with Exro remains strong and we are confident that
our work together is a top priority.”
- Tony Fairweather, CEO, SEA Electric
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 28High-Voltage Application Mobility Segments
Commercial Vehicles
These projects will deliver validated Coil
Driver™ technology to key automotive segments.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 29HIGH VOLTAGE PROJECTS
Developing an advanced e-Axle with the Coil Driverᵀᴹ
This project continues to be on track for an April 2022
delivery as expected. Exro is working with Linamar as its
Tier 1 automotive supplier, which will not only enable a
new e-axle product with the integration of Exro’s Coil
Driver technology but will also establish Exro’s
positioning in the automotive supply chain.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 30Automotive Commercialization
Tier 1 Suppliers Tier 2 Suppliers
What they do? What they do?
They specialize in making “automotive-grade” hardware They supply parts that can make its way into cars,
and supplying them to major automotive OEMs. however, they usually sell to OEMs through Tier 1’s (e.g.
computer chip manufacturers like Intel or NVIDIA).
How does Exro benefit?
How does Exro benefit?
Introduces close to arms-length relationships with
OEMs and integrates Exro into the major automotive Introduces indirect relationships with OEMs.
supply chain.
Channels to adoption of Exro technology in automotive
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 31Project execution improves potential market share
Focus on electric mobility with commercial and recreational vehicles
Development into the passenger vehicle and high volume automotive for 2024 vehicle programs
Expanding into new emerging industries with the versatility of innovative power electronics
Low Voltage Coil DriverTM High Voltage Coil DriverTM Battery Control SystemTM
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 32Battery Control System Projects
Our BCS/ESS continues on schedule,
We are completing our final pilot and will be in UL certifications
through next year. Plans for commercialization will be done in
parallel.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 33Company Updates Business development | Facilities & equipment
The Pipeline
First pilot orders
SUE 2019 2020 2021
JOINED REVENUE
Development partners Development partners Development partners
Commercial partners Commercial partners
Strategic partners
NDA partners
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 35Exro Globalization
Expansion plans to
EUROPE gain global presence
NORTH AMERICA 2HY 2022
2021 • Emerging growth – mobility
ASIA
applications
2023
• Tier 1 suppliers / emerging EV OEMs
• Traditional automotive OEMs
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 36Capabilities
Innovation Center Manufacturing Center Innovation Center
CALGARY, AB, CANADA CALGARY, AB, CANADA PHOENIX, AZ, USA
Automotive duty Dyno World-class automated inverter Automotive duty Dyno testing- end of 2021
manufacturing with functional safety team
Advanced Power Electronics design Advanced power electronics design
Complete clean room with SMT line(s)
Dedicated engineering team of 25+ HQ for Energy Storage
Automotive certified by end of 2022
10,000 Sq. Ft. Opening Q4 2021
37,000 Sq. Ft.
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 37Testing and Equipment Updates
Small Dyno Medium Dyno
Small Dyno currently in Calgary Innovation Med. Dyno currently in Calgary Innovation
Small Dyno in Arizona Innovation 2022 1HY Med. Dyno arriving in Arizona Innovation Q4
Ordered July 2021
Large Dyno Other Equipment
1 in Calgary – low end torque and continue Grid Simulator for BCS – Calgary 1 small in
our penetration of commercial trucking house, 1 larger on order for Calgary
applications SMT line and Assembly Line – SMT first
Delivery Q3 2022, operational Q4 -2022 orders placed, SMT2/AL1 mid next year
Ordered July 2021 Various testing equipment targeting 2023
Scaling our testing capacity to meet the overwhelming demand in our product
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 38What to look for in the commercialization journey
Standardization of
our products
VALIDATION WITH CUSTOMERS
3rd Party Validation Build the Backlog
& certification
PURCHASE ORDERS
CONTINUE TO BUILD CONFIDENCE
Supplier
Customer Relationships
Acquisition
MOTORS TO SEMICONDUCTORS
TO BATTERY CELLS
NEW RELATIONSHIPS AND
PROGRESSION OF CURRENT
PARTNERS
Company Culture
RECRUITING AND RETAINING THE
BEST
The content of this presentation is proprietary and confidential information of Exro Technologies. It is not
intended to be distributed to any third party without the written consent of Exro Technologies. 39Live Q&A An opportunity to engage directly with the Exro team.
Thank you
Sue Ozdemir
Chief Executive Officer 12-21 Highfield Circle SE
www.exro.com Calgary, AB, T2G 5N6 Canada
www.exro.com
@exrotechExro Technologies Inc. www.exro.com | @exrotech
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