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.
"We continue to like Exro and, following the more recent weakening in the stock, we recommend investors continue to add to positions, taking advantage of the current discount to recent highs (trading in the CA$5.50CA$6.50 range in February) as Exro further progresses towards formal commercializaation of its coil driver and BCS technologies," the analyst wrote. Haywood has a Buy rating on Exro, and a target price of CA$8.00. Its share price is about CA$3.90 currently.
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Disclosures from Haywood Securities, Exro Technologies Inc., July 15, 2021
Analyst Certification: I, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.
Important Disclosures
The following Important Disclosures apply for Exro Technologies Inc.:
▪ Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Exro Technologies Inc. (XRO-V) in the past 12 months.
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