In a landmark deal, Exro Technologies, a pioneer in electric vehicle (EV) technology, announced its acquisition of California-based SEA, a leader in EV power systems. This equity-and-debt transaction, expected to conclude by the quarter’s end, hinges on shareholder approval and standard closing conditions.
Exro’s groundbreaking Coil Driver technology, which replaces the traditional vehicle inverter, promises enhanced torque and efficiency across speed ranges.
According to Exro CEO Sue Ozdemir, the merger will streamline supply chains, lower costs, and potentially make Exro profitable within a year. Despite a downturn in EV demand impacting Exro’s stock, this move marks a significant stride in EV innovation.
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