Tech News Summary:
- Exro Technologies and SEA Electric have announced a merger agreement to combine their expertise in electric vehicle technology.
- The merger is expected to be completed by the end of the first quarter of 2024, with the companies operating under the name Exro Technologies Inc.
- The goal of the merger is to accelerate and modernize electrification with a patented technology platform and deliver over 1,000 powertrain technology systems to OEMs by 2024.
Exro Technologies, a leading developer of electric motor and energy management technology, has announced a game-changing merger with SEA Electric, a pioneer in electric transportation technology. This strategic partnership will revolutionize the electric vehicle industry by combining Exro’s cutting-edge motor and energy management technologies with SEA Electric’s expertise in electric vehicle design and manufacturing.
The merger will create a powerhouse in the electric transportation market, with the ability to deliver comprehensive electric vehicle solutions across a wide range of industries, including commercial and municipal fleet operations, delivery and logistics, and public transportation.
“This merger represents a significant milestone for both Exro Technologies and SEA Electric,” said Sue Ozdemir, CEO of Exro Technologies. “By joining forces, we will be able to offer our customers an unmatched level of innovation and expertise in electric vehicle technology. This partnership will accelerate the adoption of electric vehicles and help to drive the global transition to clean, sustainable transportation.”
The combined company will leverage Exro’s patented Coil Driver technology, which enhances the performance and efficiency of electric motors, with SEA Electric’s expertise in electric vehicle design, engineering, and manufacturing. This collaboration will result in the development of new and improved electric vehicle solutions that offer greater range, performance, and reliability.
“SEA Electric is thrilled to be joining forces with Exro Technologies,” said Tony Fairweather, Founder and President of SEA Electric. “This merger will enable us to accelerate the development and deployment of our electric vehicle technology, and bring innovative, sustainable transportation solutions to the market at a much faster pace. Together, we will be able to deliver game-changing electric mobility solutions that will benefit businesses and communities around the world.”
The merger between Exro Technologies and SEA Electric is expected to be completed in the coming months, subject to regulatory approvals. The combined company will be headquartered in Vancouver, Canada and will continue to operate as a global leader in electric transportation technology. This partnership represents a significant step forward in the transition to a cleaner, greener future for transportation, and will have a lasting impact on the way we move people and goods around the world.