Sun, 29 May 2022

Exro Coil Drive System to be Deployed in 2023 Model Year FireFly Vehicles to Increase Range, Efficiency and Available Torque

Deal Represents an Expansion of evTS' Partnership with Exro to Repurpose Batteries from evTS vehicles for Reuse in Second-Life Energy Storage Applications

BOSTON, MA / ACCESSWIRE / May 11, 2022 / ev Transportation Services Inc. ('evTS'), an electric vehicle manufacturer focused on the essential services and urban e-mobility markets, announced today that it has signed an agreement with Exro Technologies Inc.(TSX:EXRO, OTCQB:EXROF) a pioneer in advanced motor control technology, to purchase an initial quantity of 1,000 units of its 100V Coil Drive System beginning in 2023.

ev Transportation Services, Inc., Wednesday, May 11, 2022, Press release picture

This first order follows months of collaboration under NDA between the Exro and evTS engineering teams to demonstrate the improvement and optimization of FireFly powertrain performance enabled by Exro's award-winning Coil Driver™ technology. The addition of the Coil Driver™ to FireFly vehicles will offer greater vehicle efficiencies by enabling intelligent electronic gear switching in real time, from a single motor. This capability will give FireFly ESV operators greater control over vehicle operation and deliver performance improvements, including extended range and enhanced torque.

The agreement commences with an initial purchase order of 1,000 Coil Drive Systems, which consists of a Coil Driver™ controller and an optimized electric motor. Over the 36-month term of the agreement, Exro will deliver an increasing volume of its Coil Drive System for evTS production vehicles beginning with its 2023 model year FireFly vehicle.

'Exro's ability to optimize the range and efficiency of the FireFly utilizing what is essentially an electronic automatic transmission creates an exciting competitive advantage for evTS in the lightweight commercial vehicle space,' said David Solomont, President and CEO of evTS. 'We are thrilled to work with Exro as a valuable equipment supplier, not only to optimize the performance of our vehicles, but to enable our used battery cells to serve in second-life energy storage applications per our prior collaboration - demonstrating our commitment to the circular economy. We look forward to continued collaboration in the years ahead as we continue to scale our operations alongside our tier-1 partners.'

'We are pleased to expand our partnership with evTS, providing access to the complete Exro ecosystem, including improved powertrain performance and the opportunity to repurpose their batteries for energy storage. This is a great example of how we can solve multiple challenges for customers on the path to electrification,' said Sue Ozdemir, CEO of Exro Technologies. 'I recently drove the FireFly ESV - powered by Exro's Coil Drive System - and was thoroughly impressed not only with the difference our Coil Driver technology made, but also with the clear potential of evTS' purpose-built vehicles in a wide variety of different commercial applications.'

About Exro Technologies Inc.

Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.

Exro's advanced motor control technology, the Coil DriverTM, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors.

Visit us on social media @exrotech.

About evTS

ev Transportation Services Inc. ('evTS') is a specialty vehicle manufacturer that produces purpose-built, Pure-Electric lightweight commercial utility vehicles and provides fleet management solutions. Founded in 2015, the Boston-based company's flagship product, the FireFly ESV is aimed at the essential services transportation and urban e-mobility markets, which represent an annual domestic replacement market of approximately 185,000 vehicles, worth roughly $7 billion annually. End user applications for the Company's vehicles include parking management, security and perimeter patrol, parks and sidewalk maintenance, utility meter reading, property and building management, airports, seaports, sanitation, university and corporate campuses, and last mile on-demand urban delivery. For more information, visit the Company's website at www.evTS.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

evTS Investor Relations Contact
Lucas Zimmerman
Director
MZ Group - MZ North America
949-259-4987
investors@evTS.com
www.mzgroup.us

evTS Company Contact
Paul Barrett
VP of Marketing and Product
ev Transportation Services, Inc.
Boston, Massachusetts
202.347.3359 Office
media@evTS.com
www.evTS.com

Exro Contact Information
Investor inquiries: ir@exro.com
Canada investors: Jake Bouma at 604-317-3936
United States investors: Vic Allgeier at 646-841-4220

SOURCE: ev Transportation Services, Inc.



View source version on accesswire.com:
https://www.accesswire.com/700798/evTSAnnounces-Partnership-with-Exro-Technologies-to-DeployEnhanced-Powertrain-System-in-2023-Model-Year-FireFly-Vehicles

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