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Exro Technologies Learns of Threatened Lawsuit

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CALGARY, AB, Nov. 27, 2024 /CNW/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, has learned of a threatened class action lawsuit in respect of which a statement of claim has been filed in the Court of the King’s Bench, Alberta. Exro has not yet been served with the statement of claim but anticipates this will happen shortly.

The claim is a proposed securities class action on behalf of the investors who purchased the securities of Exro in the secondary market or the primary market between January 30 and November 13, 2024 (the “Class Members”). Exro, its CEO and the chair of Exro’s board of directors are among other defendants named in the statement of claim. The plaintiff says that the action arises out of the merger transaction between Exro Technologies and SEA Electric which closed on April 5, 2024, and alleges that the Class Member incurred damages or losses on their investments in Exro securities as a result of misrepresentations contained in a material change report filed by Exro on January 30, 2024. The plaintiff seeks certification of the action as a class action and his appointment as a class representative, a declaration that the January 30, 2024, contains misrepresentations, and a variety of remedies including an award of damages to the Class Members.

Exro disputes the allegations contained in the statement of claim, and intends to defend the claim vigorously.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Exro Coil Driver®) and stationary energy storage (Exro Cell Driver®), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Exro Technologies Inc.

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USI and Tech Mahindra Establish First Development Center in India to Drive Engineering Innovation

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November 28, 2024

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SHANGHAI, Nov. 28, 2024 /PRNewswire/ — USI (SSE 601231), a global leader in electronic design and manufacturing and in SiP (System-in-Package) technology, announced a collaboration with Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries, to establish USI’s first Engineering Offshore Development Center (ODC) in India. Located at Tech Mahindra’s Bengaluru office, the development center will accelerate innovation in smart device engineering.

This collaboration aims to provide scalable solutions, accelerate time-to-market, and deliver innovative advancements. It will leverage Tech Mahindra’s specialized talent pool and advanced labs, focusing on technologies expected to drive the future of connected devices, additive manufacturing, connected vehicles, and augmented and virtual reality. The center marks a significant milestone for USI as it expands its engineering capabilities to India, providing a strong foundation for enhancing device software development, hardware design, and testing. USI aims to leverage Tech Mahindra’s expertise, particularly the need for scalability and flexibility, faster product launches, and access to specialized skills and facilities. 

Narasimham RV, President – Engineering Services, Tech Mahindra, said, “We are delighted to collaborate with USI to launch a first-of-its-kind engineering development center. This underscores our commitment to driving innovation through specialized engineering services. We are positive that this collaboration will pave the way for device software and hardware design advancements, ultimately setting the stage for future partnerships.”

In addition, the center will provide comprehensive services, including modem software development, android telephony, middleware, board support package (BSP), device driver engineering, and advanced hardware and printed circuit board (PCB) design. Through this collaboration, Tech Mahindra, known for its expertise in providing next-generation technology solutions, will enhance its modem, radio frequency software, and video bar development capabilities.

John Fang, USI CTO, said, “The establishment of our offshore development center with Tech Mahindra marks a significant milestone in extending the capabilities of USI’s R&D efforts. By leveraging Tech Mahindra’s specialized talent pool and deep expertise in the telecom and automotive sectors, we are well-positioned to enhance both the speed and quality of our innovations. This partnership will provide us with the scalability and flexibility needed to accelerate our time to market and meet the evolving demands of our customers. We are excited about the collaboration with Tech Mahindra and look forward to achieving new heights together.”

The center will also help USI streamline product development, enabling it to focus on its core competencies while benefiting from competitive pricing and efficient service delivery. As USI’s first development center in India, this facility will serve as a hub, showcasing how global companies can tap into India’s engineering talent to improve their time-to-market and enhance product development innovation. The center marks a new chapter, emphasizing the potential for joint innovation and operational excellence to meet the evolving needs of the global market.

About Tech Mahindra

Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 150,000+ professionals across 90+ countries helping 1100+ clients, Tech Mahindra provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, which recognizes global companies that are actively leading the charge to create a climate and nature-positive future. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your Scale at Speed™ imperatives, please visit https://www.techmahindra.com

About USI (SSE: 601231)

USI, Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System-in-Package) technology. With Asteelflash and Hirschmann Car Communication, USI has 31 production and service locations across four continents of Asia, Europe, the Americas, and Africa, and offers customer diversified electronic products with D(MS)2 product services: Design, Manufacturing, Miniaturization, Industrial software, and hardware Solutions, and material procurement, logistics and maintenance Services. USI is a subsidiary of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX). To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.

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Sungrow and Smart Commercial Solar Partner to Build Sustainable Energy Infrastructure for Leading Aged Care Provider, Opal HealthCare

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November 28, 2024

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SYDNEY, Nov. 28, 2024 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system provider, announced that its C&I solar solutions were selected by Smart Commercial Solar for their national Opal HealthCare clean energy rollout. By delivering 3.32 MW installed PV size capacity of solar power to 32 Opal HealthCare aged care communities, Sungrow and Smart are helping to transform energy use within the aged care sector, future-proofing communities against rising energy costs and grid instability.

According to the Australian Bureau of Statistics, Australia is facing a critical demographic shift as its elderly population continues to increase. Currently, more than 16% of Australians are aged 65 and over, a figure expected to rise sharply by 2050. The aged care industry is growing at an unprecedented rate to meet the needs of Australia’s expanding senior population. How to take environmental responsibility and provide high-quality aged care are key questions. Transitioning aged care facilities to renewable energy, though highly beneficial, presents significant challenges: high upfront costs, the lengthy process of sourcing eco-friendly materials, and the expensive, long-term commitment required for sustainable accreditation. Additionally, large-scale projects face complexities in design, orientation, and site planning, especially in facilities that operate 24/7 and rely on stable energy for critical medical devices.

Despite these obstacles, Sungrow has teamed up with Smart Commercial Solar to deliver more than 3.32 MW installed PV size capacity of solar power across 32 Opal HealthCare communities, each consisting of various separate buildings with unique energy demands and grid board capacities. To address this, the use of different-sized string inverters facilitated a customised approach, allowing each building’s energy needs to be met without overloading the electrical infrastructure Sungrow’s versatile range of string inverters, including the 30kW (SG30CX), 50kW (SG50CX), and 110kW (SG110CX), offers the adaptability needed to address site-specific limitations, facilitating the implementation of a comprehensive renewable energy solution. The flexibility of using inverters of varying sizes also eliminates the need for costly and complex grid upgrades, as each building’s electrical capacity is matched with the appropriately sized inverter, simplifying the installation process.

By leveraging Sungrow’s innovative inverter technology and Smart Commercial Solar’s expertise in designing financially sustainable energy projects, the partnership ensures efficient and effective solutions. Together, they provide a tailored approach, reducing costs through optimised engineering and technology while ensuring a reliable energy supply. Ultimately, this strategic collaboration addresses the complexities directly, making sustainable energy infrastructure both achievable and well-aligned with existing site conditions, while also presenting a compelling investment opportunity for aged care facilities.

“Sungrow inverters were the perfect fit for our Opal HealthCare project. Their easy-to-design functionality, excellent support team communication, and clean, professional look made them an obvious choice for delivering a reliable, high-performing solution,” Tom Roche, Project Engineer, Smart Commercial Solar stated.

Through their longstanding alliance, Sungrow and Smart Commercial Solar have successfully delivered a variety of C&I renewable energy projects across diverse industries in Australia, showcasing their proven expertise and ability to deliver reliable and effective solutions. As Australia navigates its journey toward a greener, more sustainable future to achieve a net zero economy by 2050, this collaboration serves as an inspiration for how renewable energy can transform essential services like the healthcare industry. Sungrow will continue to enhance diverse industry collaborations, extending its impact beyond healthcare to inspire the education, residential, and commercial sectors to join in building a sustainable and energy-secure future.

About Smart Commercial Solar

Smart Commercial Solar designs renewable energy systems with strong financial outcomes for Australian organisations. As a leading commercial energy solutions provider, we’re dedicated to helping businesses achieve energy independence through innovative solar and storage systems. Since 2012, we’ve delivered robust financial outcomes for customers like Bunnings, Officeworks and Fraser Property, while championing the pivotal role of energy in driving business improvements, cost savings, and emissions reductions. For more information, please visit www.smartcommercialsolar.com.au.

About Sungrow

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.

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Biwatt Showcases Advanced Sodium-ion Energy Solutions at Solar Solutions Düsseldorf

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November 28, 2024

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DÜSSELDORF, Germany, Nov. 28, 2024 /PRNewswire/ — As a global leader in sodium-ion battery technology, Biwatt is showcasing its latest advancements in sustainable energy storage at Solar Solutions Düsseldorf. Biwatt is committed to driving renewable energy adoption through eco-friendly, efficient sodium-ion technology that performs exceptionally well even in extreme cold climates.

“At Biwatt, we are dedicated to advancing sodium-ion innovation to deliver sustainable, safe, and cold-resistant energy solutions,” said Owen, CEO of Biwatt. “Our sodium-ion technology provides unmatched safety, minimal environmental impact, and adaptability to diverse climates, making it an ideal choice for Europe, North America, and Asia-Pacific markets.”

PowerNest: Redefining Home Energy Storage

Biwatt’s PowerNest product line exemplifies its dedication to efficient and sustainable energy solutions. In 2024, Biwatt scaled the commercial deployment of its sodium-ion storage systems across Europe, Asia-Pacific, and North America. Key products include the all-in-one sodium-ion units W1/W1 Pro, the low-voltage stackable battery R2, and the single-phase inverter H1/H1Pro.

Building on this momentum, Biwatt will launch a three-phase inverter H2 and a balcony PV storage battery B1 in Q1 2025, followed by a high-voltage stackable battery in Q2 2025. These innovations unlock sodium-ion technology’s full potential, offering safer and more sustainable solutions for residential energy needs.

Expanding Sodium-ion Applications

Beyond residential energy storage, Biwatt is introducing tool-oriented sodium-ion products, including the lead-acid replacement P1 (12V 100Ah), the starter battery P2 (12V 70Ah), and the jump starter. Leveraging sodium-ion’s high-rate discharge and low-temperature efficiency, these products ensure reliable performance across a range of demanding conditions.

Strategic Partnerships to Drive Commercialization
Biwatt has signed strategic Memoranda of Understanding (MoUs) with three key partners: Salzstrom, NDES Group, inesco, committing to jointly advance the commercialization of sodium-ion energy storage and accelerate the development of greener energy solutions.

About Biwatt
Biwatt is digital green power innovator and sodium-ion (Na+) technology pioneer. Standing at the forefront of the energy revolution with a world-class R&D team, we offer integrated energy solutions for both residential and commercial sectors, encompassing smart energy storage systems, hybrid inverters, AI-based battery management systems (AI-BMS), and an energy cloud platform.

For more details, please contact:
Rita Ouyang
Phone: +86-755-86961716
E-mail: Biz@biwattpower.com

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