Under the agreement, SEA Electric will purchase high-voltage Coil Drive System units from Exro, along with a production slot, system pricing, and commissioning services. Pilot vehicle integration will begin as early as November of this year, followed by track and on-road testing in 2023. These testing phases will culminate with series production Exro 400V Coil Drive System units.
"We are thrilled to announce another milestone in our partnership with SEA Electric," said Sue Ozdemir, Exro CEO. "The project has faced delays as taking new tech to market is never linear, but this milestone is representative of SEA and Exro's joint commitment to next-generation electrification in e-mobility. As we look to 2023 and beyond, our technology is de-risked, and momentum is building with customers like SEA who are looking for a differentiated technology that can improve performance while reducing cost. This latest announcement is a demonstration of Exro advancing to the next phase with a great partner and major industry player, and we are pleased to signal this unlocking of value to the market for our shareholders."
The agreement commences with delivery of up to 25 Coil Drive System sample units comprised of a high-voltage Coil Driver and an electric motor. These sample units will be used as a part of a joint nine-to-12-month pilot program as part of SEA Electric's rigorous on-road testing phase in the company's F-59 Class 5/6 delivery vehicles. After successful in-field validation, the first purchase order will supply 500 units with deliveries starting in Q4 2023, followed by an increasing volume of production series systems up to a minimum of 1,500 units over the 36-month term of the agreement.
Following the development efforts between the companies, this agreement moves the partnership into a new commercial phase for SEA Electric's next generation F59. Exro and SEA Electric continue to collaborate and move forward with additional development projects, including an SiC 800V application for a next generation Mack LR heavy duty truck.
"Our goal over the next five years is to eliminate 2.5 billion pounds of CO2 emissions through the deployment of our electric delivery and garbage trucks, shuttle buses, cargo vans, and more," said Tony Fairweather, CEO of SEA Electric. "Exro's innovative Coil Driver technology will help accelerate our goal, by enabling the next generation of our electric fleets to consume power more intelligently and with minimal resources or waste."