Exro Shares Pop On Supply Agreement With Vicinity Motor

Exro Technologies Inc EXROF has signed a multi-year agreement with Vicinity Motor Corp 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.