Why Exro Technologies Shares Are Trading Higher Today

ev Transportation Services (evTS) signed an agreement with Exro Technologies Inc.EXRO EXROF to purchase 1,000 units of its 100V Coil Drive System beginning in 2023. Financial terms not disclosed.
This order follows months of collaboration under NDA between the parties to demonstrate the improvement and optimization of FireFly powertrain performance enabled by Exro's Coil Driver technology.
The addition of the Coil Driver to FireFly vehicles will offer greater vehicle efficiencies by enabling intelligent electronic gear switching in real-time from a single motor.
Over the 36-month term of the agreement, Exro will deliver an increasing volume of its Coil Drive System for evTS production vehicles starting with its 2023 model year FireFly vehicle.
Price Action: EXRO shares are trading higher by 6.87% at C$1.40 on TSX, and EXROF is higher by 8.70% at $1.09 on the last check Wednesday.