- Exro Technologies Inc (OTC:EXROF) has signed a multi-year agreement with Vicinity Motor Corp (NASDAQ:VEV) for coil drivers. The financial terms were not disclosed.
- Under the agreement, Vicinity will purchase high-voltage Coil Drive System units from Exro, along with a production slot, system pricing, and commissioning services.
- The agreement commences with a first lot purchase order of 100 units.
- Over the 36-month term of the agreement, Exro will deliver Coil Drive System for up to 2,500 units.
- Exro will also provide electric vehicle design and engineering services from its Vehicle Systems division for additional revenue.
- Previously, the parties have completed nearly 12 months of development and testing to conduct operational validation for the Vicinity Lightning electric bus.
- Price Action: VEV shares are trading higher by 7.78% at $1.80, and EXROF is higher by 18.9% at $1.24 on the last check Tuesday.
