CALGARY, AB, May 15, 2024 /CNW/ - Exro Technologies Inc. (TSX:EXRO) (OTCQB:EXROF) (the "Company" or "Exro"), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, is excited to provide its first update highlighting the Company's transformative shifts following the acquisition of SEA Electric on April 5th, 2024, and announces the release of results for the three months ended March 31, 2024. With the strategic acquisition completed, Exro navigates the integration with focus on the next twelve months' strong growth prospects. "The progress made since April 5th is a validation to the deal synergies presented in January – Revenue, cost savings and complementary technologies," said Exro CEO Sue Ozdemir. "Immediately upon closing of the deal we began initial SEA-Drive® propulsion system deliveries to key OEM customers, and launched a broad-based integration process focused on significant cost reduction and operational execution for critical customers and programs. We have also identified opportunities within supply chain and operations to further gain efficiencies and reduce cost as we continue to merge and integrate our Coil Driver™ technology into our blue-chip partnerships. We are steadily ramping our output and expect deliveries of over 250 propulsion systems within the first six months post-close and more than 1,000 systems in the 12 months post-close. The combination of Exro's Coil Driver™ inverter with the SEA-Drive® propulsion system provides the industry with a patented and proven solution to bridge the cost-performance gap. We remain committed to our vision and innovation in motor and battery control." Operational Update Exro proactively shifted strategies with the acquisition of SEA Electric to create a larger technology company with immediate significant revenue growth and line of sight to profitability, uniquely positioned to be a leader in the electrification transition. The acquisition brings together complementary technologies, poised to address the evolving needs of the commercial EV market segment, which shows a pronounced readiness for electrification driven by regulatory mandates and environmental imperatives. With industry-leading propulsion technology, equipped with Exro's Coil Driver™, the combined entity is well-positioned to cater to both short-term demands and long-term differentiation in the industry. Furthermore, the acquisition brought blue-chip OEM customers, providing a robust platform to grow and demonstrate our proven technologies. During the first quarter of 2024, Exro's attention was focused both on completing the SEA Electric acquisition, and its continued commitment to driving profitable revenue growth. Notably, Exro successfully delivered Coil Driver™ units to HB4, Giaffone, and Vicinity Motors and concurrently continued the e-Axle program with Linamar. The Company also continued to advance through the second phase of its innovation program with its leading global passenger vehicle NDA OEM partner where the program will reduce the need for rare-earth metals in electric motors, driving unparalleled sustainability in e-mobility. The closing of the SEA Electric acquisition marked a leap forward in Exro's mission to utilize minimum energy for maximum results and to expand the boundaries of control in e-mobility. In conjunction with the acquisition, management outlined the key areas to build the foundation of the Company's future growth. Below is an update on these focus areas in the first month for the newly combined entity: Revenue: A steady ramp ...