Exro Technologies, a Calgary-headquartered power control electronics provider for electric motors and batteries, announced its merger agreement with SEA Electric, an automotive and e-mobility technology company and electric drivetrain system technology provider.
Upon the completion of the merger which is expected to be finalized by the end of Q1 2024, the companies will continue to operate under the name Exro Technologies Inc.
“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”, said Sue Ozdemir, Exro’s CEO.
The companies aim to accelerate and modernize electrification with a patented, blue chip-validated technology platform. Together, Exro and SEA target delivery of more than 1,000 propulsion technology systems to OEMs in 2024.
Upon completion of the transaction, Ozdemir will remain the company’s CEO, while Tony Fairweather will join Exro as the chief product officer, and Darrell Bishop will become the CFO.
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