SEA Electric and Exro forge ahead on Coil Driver


Bigger trucks along with storage applications at heart of move

SEA Electric and Exro forge ahead on Coil Driver
SEA and Exro are focusing on supplying electric fleets

 

Australian battery propulsion firm SEA Electric and Canadian clean-energy electronics firm Exro Technologies have deepened and broadened their collaboration.

The move aims to accelerate development of Exro’s battery control system (BCS), the starting point of the companies’ relationship seven months ago, to include larger trucks and ‘second-life’ storage applications.

An expanded strategic collaboration agreement is to commercialisation of the Exro Coil Driver in SEA’s electric trucks to include a heavy-duty (Class 8) electric truck for the Canadian market and volume production targets of 400 trucks minimum by the second-year post validation.

"The company and SEA Electric will co-demonstrate the Exro-enhanced electric fleet trucks in the North American market by the second half of 2021," the firms state.

The move also includes SEA provide Exro with two electric delivery vans to showcase Exro’s BCS and facilitate second-life battery storage, by the second half of this year.

With a focus on utilising electric truck batteries for energy storage applications, Exro and SEA will co-develop the BCS for operational validation, they say.

Reflecting on the move, SEA CEO Tony Fairweather observes that: "Exro’s technology will continue to open new opportunities with applications that have cost-prohibitive components on the market today."


Read about how SEA and Exro first came togethee on Coil Driver, here 


The companies explain that, as part of the agreement, Exro will invest US$5 million (A$6.47 million) into SEA by subscribing for 124,380 Series A Preferred Shares at US$40.1995 (A$52.04) per share.

The shares are convertible into common shares of SEA at the option of Exro and automatically covert to common shares under certain conditions, including SEA completing a going public transaction.

The shares have certain preferences for their holders in relation to dividends and on a winding up of SEA but are otherwise identical to common shares of SEA. 

Dividends will be paid at the discretion of SEA’s board, but in any event before any dividends being paid to common shareholders.

"This is a big deal for Exro, a major catalyst for Exro toward our vision of becoming a leader in power electronics for mobility and energy management," Exro CEO Sue Ozdemir says.

SEA is said to be on schedule to deliver more than 1,000 electric vehicles this year and to be forecast to have more than 15,000 on the road by the end of 2023.

 

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