Vancouver, BC - Exro Technologies Inc. (CSE:XRO; OTCQB:EXROF) continues to expand into new market segments with a strategic agreement with one of the world's most innovative manufacturers of snowmobile powertrains.
Under this new partnership, Exro and Finland's Aurora Powertrains Oy, which in 2019 released an all-electric production snowmobile—the "eSled," will work to both increase motor performance while decreasing cost for future production. The partnership will see Exro's technology being added to the Aurora electric powertrain, a further move to global commercialization of Exro technology.
"We are very excited to now be entering the snowmobile industry, which sees more than $1 billion of global sales annually," Exro CEO Sue Ozdemir said. "This is also important as it takes Exro's technology overseas to Europe and forms a key partnership with one of the transportation sector's true innovators in the use of electric powertrains."
"Our company strategy is to strengthen our core competencies and on the other hand create partnerships with world leading technology providers,” Ari Karjalainen, CEO of Aurora, said. “One step on this is cooperation with Exro, together with them, we are looking forward to working side-by-side to further develop the capabilities of our electric powertrain technology. This is a growing market and we see increased potential with partners like Exro. We believe this is a global market that will continue to grow as consumers demand low-impact, zero-emission recreation vehicles."
According to the International Snowmobile Manufacturers Association, the snowmobile sector has a global imprint. In 2018 there were 124,786 snowmobiles sold worldwide. ISMA estimates the economic annual economic impact of snowmobiling to be $26 billion in the US, $8 billion in Canada and $5 billion in Europe and Asia.
Exro's Chief Technology Officer, Ari Berger, who is leading the adoption of Exro into sectors such as e-bikes, automotive fleets, the marine industry and others, called the Aurora partnership another milestone in commercialization, "Our partnership with Aurora further proves Exro can be applied and scaled to a wide variety of sectors," Berger said.