Australian E-mobility company SEA Electric has announced it has entered into a merger agreement with Canadian company Exro Technologies.
“We are pleased to announce the merger between Exro and SEA Electric, which unites our complementary EV technology platforms and unlocks substantial opportunities for growth and the path to profitability,” Exro CEO Sue Ozdemir says.
“Having come to know SEA and its management team from doing business with them over the past several years, I have great confidence that this acquisition will bolster our competitive positioning in the EV technology space while providing significant value potential for our shareholders.”
SEA says that the combined company aims to integrate its propulsion technology and Exro’s Coil Driver, which will provide end-to-end solutions, enhance performance and improve the total cost of ownership for commercial vehicles.
Both Exro and SEA aim to deliver more than 1,000 of these propulsion technology systems to SEA’s OEM customers in Mack and Hino, both of whom have validated SEA’s propulsion technology.
SEA founder and CEO Tony Fairweather says he is excited about its future with Exro.
“With OEM contracts in-hand and industrialisation underway, SEA Electric will benefit greatly from this business combination,” Fairweather says.
“Exro provides the resources, capabilities and automotive systems that will ensure the successful execution of these important contracts, as well as offering complementary and differentiating technology in the form of its Coil Driver and Cell Driver.”
SEA says the combined company will also bring Exro’s next generation technology to the full spectrum of e-mobility platforms, including passenger vehicles, large commercial trucks and beyond.