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exro Exro Technologies Announces Second Quarter 2021 Financial Results • Entered into a strategic agreement with Linamar Corporation ( " Linamar " ) to develop an advanced electric axle ( " e - Axle " ) utilizing Coil DriverTM technology to improve cost and performance of Linamar's e - Axle product line . • Successfully completed the pilot of the Battery Control System ( " BCS " ) in operating a second life energy storage environment . • Unveiled a new application for the Coil DriverTM , including the potential to dramatically reduce the cost and complexity associated with deploying electric vehicle infrastructure at scale . • The Company's common shares began trading on the Toronto Stock Exchange on July 8 , 2021 . • Announced the opening of a US headquarters in Mesa , Arizona , joining a robust e - mobility , and research and development ecosystem in the greater Phoenix area . CALGARY , AB , Aug. 11 , 2021 / CNW / - Exro Technologies Inc. ( TSX : EXRO ) ( OTCQB : EXROF ) ( the " Company " or " Exro " ) , a leading clean technology company which has developed a new class of power electronics for electric motors and batteries , is pleased to announce its financial results for the quarter - ended June 30 , 2021 . In June Exro announced a Strategic Development Agreement with Linamar for an Electric Drive Solution to Advance Electric Vehicle Adoption . " We are very excited for this development with Linamar , who has been a staple in auto industry manufacturing for decades , " said Sue Ozdemir , Chief Executive Officer of Exro . " This strategic development agreement marks one of our biggest milestones to date and represents a huge opportunity for us to become an integral part of the electric vehicle ( " EV " ) supply chain for major automotive companies . " The past few months have included strong investment in the progress of research and development ( " R & D " ) and manufacturing facilities . The Company has placed orders for additional test equipment in Calgary and Arizona to accelerate the ongoing projects . The total additional investment of $ 2.4 million covers key dynamometer equipment , and $ 0.2 million has been spent in ordering the equipment as of June 30 , 2021. Exro is also gearing up its world class automotive facility in Calgary . This will include the building of an automotive standard surface - mount technology ( " SMT " ) production and printed - circuit board ( " PCB " ) assembly lines in the 37,000 square foot facility , with anticipation of future orders and production of the Coil Driver products as previously announced . $ 17 million has been allocated to invest in this state of art facility . As at the end of June 2021 , the Company has spent approximately $ 2 million against the $ 17 million planned investment . In July , Exro unveiled a new application for the Coil DriverTM technology to reduce the cost and complexity of deploying EV infrastructure at scale . Currently , EVs require three different types of power electronics components to power the vehicles in motion and charge the batteries from the grid or renewable energy sources : a motor drive , on - board charger , and external DC fast charger . Exro engineers found that the Coil DriverTM technology has the ability to replace all three components . " Unlocking the ability for the Coil DriverTM to simplify and streamline fast charger deployments for charge point operators and automakers has the potential to be a game changer , " said Exro CEO Sue Ozdemir . Q2 2021 FINANCIAL HIGHLIGHTS For the six months ended June 30 , 2021 Comprehensive loss of $ 10,419,364 ( Q2 2020 - $ 3,771,451 ) . Selling , general and administration expense increased by $ 747,853 to $ 1,928,897 Payroll and consulting fees increased by $ 1,131,199 to $ 2,721,804 ● ● • Research and development increased by $ 2,547,165 to $ 3,023,177 • Share based payments expense increased by $ 4,706,198 to $ 5,027,511 For the three months ended June 30 , 2021 Comprehensive loss of $ 3,742,844 ( Q2 2020 - $ 2,246,269 ) . Selling , general and administration expense increased by $ 273,281 to $ 1,008,925 ● Payroll and consulting fees increased by $ 623,946 to $ 1,495,974 • Research and development increased by $ 1,021,895 to $ 1,322,025 • Share based payments expense increased by $ 2,499,476 to $ 2,676,106 ● ● The main drivers for the overall cost increases are additional expenditures incurred as the Company is transitioning from a proof of - concept stage to a commercialization phase and preparing for future Coil Driver ™ production . Research and development expenses increased by 535 % for the six months ended June 30 , 2021 , due to the increase of several validation projects for commercialization and continued research and development on next generation Coil Driver ™ and BCS technology . Exro remains focused on intelligently utilizing capital to attract top talent across all business functions and increasing brand awareness . SECOND QUARTER OPERATING HIGHLIGHTS