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Summary
- Exro’s stock swelled more than 16 per cent on Thursday, February 4, as the company entered a partnership with LAND, an e-motorcycle company, to build two thousand coil drivers by this year.
- Stocks of the electric motor producer has yielded over 249 per cent returns since its listing in September 2020.
- Shares of the green tech firm have gained 68 per cent, driven by the clean vehicle rally.
Exro Technologies Inc. (TSXV:EXRO), a clean tech firm, entered an agreement with an e-motorcycle company, LAND Electric Motorcycles, to manufacture approximately 2000 coil drivers in 2021. On the back of this deal, Exro stock rose as much as 16.40 per cent on Thursday, February 4. More than 1.16 million shares were traded during the day. The industrial products company is also focused on green motor parts and technologies.
The Canadian government has been providing subsidizes to clean energy or technology companies. The US president Joe Biden is likely to spend US$ 2 trillion on electric vehicles (EVs) and other green energy projects. This ongoing green push in the North American markets has been supporting the associated emerging companies to grow.
Let us look at moto tech’s stock performance amid the clean vehicles rally:
Exro Technologies Inc. (TSXV:EXRO)
The electric motors, generators, and battery producing company is one of the top junior industrials stock, with a 68 per cent surge in the last three months. Its 52-week-high is C$ 5.15.
Exro also works with rotating electric machine manufacturers such as e-vehicle industry, train, industrial motor, inverter, etc.
The company has a total of 97.5 million issued outstanding shares on the Toronto Stock Exchange Venture (TSXV). The stock has a current price of C$ 4.40, with a market cap of C$ 429 million.
The e-motor stock has returned over 249 per cent since its listing on September 23, 2020.
Image Source: Kalkine Group @2021
Exro expects to complete its coil driver testing by the second quarter of 2021. It will deliver the first coil driver to LAND Electric Motorcycles this month for motor vehicle integration purposes.
The company announced its collaboration with Traktionssysteme Austria, an integrated systems provider for e-vehicle, to build advanced commercial automobiles on October 15, 2020. The worldwide traction inverter industry is estimated to rise at a compound annual growth rate of 17.57 per cent from US$ 2.5 billion in 2018 to US$ 7.7 billion by 2025, as per the company’s exchange filing.
