In a July 15 research note, Haywood analyst Colin Healey reported that Exro Technologies Inc. (EXRO:CSE; EXROF:OTCQB) demonstrated a new application for its patented Coil Driver technology.
"Today's news is important as it highlights Exro's focus on innovating and leveraging the potential of its existing technology suite across the electric vehicle ecosystem and beyond," Healey wrote.
The analyst described the potential new use of Exro's Coil Driver and its benefits.
Electric vehicles require three types of power electronic components to power them in motion and charge their batteries from a power source, Healey explained. They are a motor/drive controller, an on-board charger and an external DC fast charger. Exro's Coil Driver, however, with an enhancement, could combine the motor drive/controller and on-board charger and essentially replace all three components to become an "all-in-one solution."
Exro's Coil Driver would do away with the need for DC power delivery from the external fast charging infrastructure. Thus, the company's technology would provide seamless transition between fast charging and discharging of an electric vehicle, returning power to the source, all regardless of the type of charger and type of power source.
"According to the company, its initial findings show that the minimal addition of voltage sensors to its existing Coil Driver will enable the charging infrastructure use case while effectively reducing both the cost and complexity of deploying electric vehicles and the charging infrastructure," Healey wrote.
Exro filed a series of patents for this new application of its Coil Driver, Healey indicated. The company now has 36 submitted patents in all.
Healey also noted that Exro is now working on developing a vehicle-to-grid, or V2G, solution that would allow electric vehicles, commercial and heavy duty electric vehicle fleets specifically, to discharge into the grid. This would allow them to be a mobile energy storage system that could provide emergency or backup power when needed.
"We continue to like Exro and expect further news flow of this type to incrementally move the stock higher," Healey commented. He reiterated that Exro remains a 2021 Haywood Top Pick.
With its current Buy rating on Exro, Haywood recommends investors capitalize on the clean energy tech company's current price weakness and take or add to a position in it. The stock was trading at highs between CA$5.50 and CA$6.50 per share in February, and today its share price is about CA$3.87. In comparison, Haywood's target price on Exro is CA$8 per share.
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