Tag: PR Newswire

CALGARY, AB, May 16, 2025 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (“Exro” or the “Company“), a leading clean technology company specializing in power control solutions for electric vehicles and energy storage, is pleased to announce a funding commitment from a long-term institutional shareholder (the “Lender“) to provide up to US$30 million  pursuant to a senior secured loan facility (the “Facility“).

The proceeds of the Facility will enable Exro to maintain operations and execute its business plan while advancing a strategic review process supported by an independent strategic advisor (the “Strategic Advisor“) who has been retained by the Company. The review is intended to evaluate a range of outcomes including strategic partnerships, capital restructuring, M&A opportunities, and other corporate transactions.

The Facility

The Facility is a secured, non-revolving, multiple-draw credit facility. Highlights include:

• Facility Size: Up to US$30 million
• Disbursements: Funds will be advanced in milestone-based tranches, with the initial tranche of US$2 million expected to be advanced on May 20, 2025.  Milestones are set out below.
• Convertible Debenture Condition: A condition of the second milestone-based tranche is that the Company shall have either (1) obtained a postponement of security from a requisite majority of debentures issued pursuant to an indenture dated December 30, 2022 (the “Convertible Debentures“), or (2) issued a redemption notice pursuant to which the Convertible Debentures would be redeemed in exchange for shares.
• Use of Proceeds: Working capital, implementation of the strategic plan, and retention of advisors and legal support.
• Non-Convertible: The facility is not convertible into equity. 
• Warrants: Subject to receipt of TSX approval, the Lender will be issued warrants to purchase up to 75 million common shares at a nominal price.

Milestones

The milestones for advances under the Facility are as follows;

Debentureholder Consent

Exro has C$15 million of senior secured Convertible Debentures outstanding, with a first lien over substantially all of the Company’s assets.  Exro also has senior secured notes (the “Notes“) outstanding, secured by substantially all of the Company’s assets but subordinate to the Convertible Debentures.

The Company intends to solicit a postponement of security from a requisite majority of the Convertible Debentures.  The postponement of security, if obtained, would result in:

• the Facility and the Notes being secured by a first lien; and
• the Convertible Debentures being secured by a second lien.

In the alternative, the Company has the contractual right (subject to TSX approval) to redeem the Convertible Debentures for shares.  Pursuant to the Indenture, the redemption price is equal to 105% of par value plus 100% of accrued interest, with consideration being common shares issued at a share price based on the 5-day volume weighted average price of the shares for the five business days preceeding issuance of the redemption notice.

Strategic Wind-Down of APAC Subsidiary

As part of its focus on core markets and capital efficiency, Exro has initiated an orderly wind-down of its Australia-based subsidiary. Legal counsel has been retained, and the Company is working to resolve all lease, employment, and regulatory matters. This strategic decision supports the Company’s ongoing focus on cost reductions and reallocation of resources to high-impact markets with stronger commercial traction and more efficient capital deployment.

Looking Ahead

Exro is entering a pivotal phase with the financial flexibility and strategic lens to evaluate a range of opportunities that align with its core technology and market focus. The ongoing strategic process is designed to unlock value—whether through partnerships, transactions, or focused execution on high-impact initiatives. With strengthened capital backing and a clear mandate, Exro remains committed to pursuing the best path forward for its shareholders.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Exro Technologies Inc.

Join Us This Memorial Day to Honor Our Veteran Heroes and Their Legacies

NORTH ARLINGTON, N.J., May 16, 2025 /PRNewswire/ — Catholic Cemeteries of the Archdiocese of Newark invites the public to gather in prayer and gratitude at Memorial Day Masses held across its cemeteries on Monday, May 26, 2025, at 11:00 a.m. These annual outdoor services serve as a solemn and unifying tribute to the men and women who gave their lives in service to our country, as well as to all veterans and active-duty military.

As part of the national program “Serving God and Country: A Memorial Day Salute to Our Heroes,” developed by the Catholic Cemetery Conference, these Masses honor those who paid the ultimate price for our freedom while uplifting all who have served—and continue to serve—with courage and faith.

“Our Memorial Day Masses remind us of the sacred duty we share in remembering and praying for our veterans,” said Joseph M. Heckel, K.H.S., CCCE, Executive Director of Catholic Cemeteries. “We invite everyone to come together in unity, reflection, and remembrance.”

Most Masses will be held outdoors under canopies, with seating provided. Gate of Heaven and Maryrest Cemeteries will host indoor services inside their mausoleums.

A highlight of this year’s observance will be His Eminence Cardinal Joseph W. Tobin, C.Ss.R., D.D., Archbishop of Newark, who will celebrate the Memorial Day Mass at Holy Cross Cemetery in North Arlington, where the stunning new Open-Air Mausoleum of the Holy Spirit, and the Chapel Mausoleum of Our Lady – are both currently under construction.

Explore the serene beauty and dignified atmosphere of our newest additions, designed to capture the essence of a campus-style atmosphere in perfect harmony with our sacred grounds.

Memorial Day Masses and Celebrants:

• Holy Cross Cemetery, North Arlington, NJ – Cardinal Joseph W. Tobin, C.Ss.R., D.D.

• Gate of Heaven Cemetery, East Hanover, NJ – Most Reverend Manuel A. Cruz, D.D.

• Maryrest Cemetery, Mahwah, NJ – Most Reverend Michael A. Saporito, D.D.

• Saint Gertrude Cemetery, Colonia, NJ – Most Reverend Elias R. Lorenzo, O.S.B., D.D.

• Holy Name Cemetery, Jersey City, NJ – Most Reverend Gregory J. Studerus, D.D.

• Christ the King Cemetery, Franklin Lakes, NJ – Very Reverend John J. Chadwick, S.T.D.

• Holy Sepulchre Cemetery, East Orange, NJ – Reverend Philip J. Waters, O.S.B.

This moving tradition is a time to pause, reflect, and express our deepest gratitude for those who served with honor. All are welcome to attend and take part in this meaningful celebration of faith, freedom, and remembrance.

For full details and a tribute video, please visit: www.rcancem.org/memorial-day-mass

Throughout the year, Catholic Cemeteries of the Archdiocese of Newark continues to honor veterans with monthly remembrance Masses, special observances on Veterans Day and Flag Day, and the placement of over one thousand American flags on veterans’ graves each Memorial Day, remaining through Flag Day.

For more information about Catholic Cemeteries of the Archdiocese of Newark and their ministry, contact a Memorial Planning Advisor at cemetery@rcan.org or visit www.rcancem.org.

#MemorialDayMass #HonoringHeroes #CatholicCemeteries #ArchdioceseOfNewark

About Catholic Cemeteries of the Archdiocese of Newark
The Ministry of Catholic Cemeteries of the Archdiocese of Newark exists to meet the needs of individuals and families before, at the time of death and burial, and throughout bereavement. They also provide Monthly Masses of Remembrance celebrated at Archdiocesan Catholic cemeteries throughout the year, typically during the first week of each month and on special days. Contact a caring and professional Memorial Planning Advisor at cemetery@rcan.org or learn more at www.rcancem.org. Hablamos español. Para más información, visite www.rcancem.org/en-espanol.

 

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SOURCE Catholic Cemeteries of the Archdiocese of Newark

RAYONG, Thailand, May 16, 2025 /PRNewswire/ — ChangAn Automobile (“ChangAn” or “the Company”), an intelligent low-carbon mobility technology company, officially commenced production at its first overseas NEV manufacturing base in Rayong, Thailand, on May 16, 2025. Coinciding with the rollout of its 28.59 millionth vehicle, the right-hand drive DEEPAL S05, the launch marked a historic shift from product exports to full industrial globalisation, underscoring its commitment to green, intelligent manufacturing, brand development, and digital ecosystems. Thai Prime Minister, Paetongtarn Shinawatra, met with ChangAn’s Chairman, Zhu Huarong, before the press conference and expressed her support for ChangAn’s localised operations and the development of an entire industrial chain in the country. The event also took place against the backdrop of the 50th anniversary of diplomatic relations between China and Thailand, marking a major milestone.

Located in Rayong Province, Thailand, the factory covers an area of approximately 960,000 square metres and currently has an annual production capacity of 100,000 vehicles, which is expected to double by 2027. It will advance localisation, low-carbon development, and long-term cooperation while supporting Thailand’s supply chains. ChangAn also aims to create 30,000 jobs and boost local tax revenue as part of its commitment to social responsibility.

ChangAn’s Rayong Factory strengthens the strategic foundation of its Vast Ocean Plan, showcasing the Company’s ability to build a world-class intelligent manufacturing hub with high quality, efficiency, and low cost. The facility highlights how new energy vehicle production can integrate digitalisation, intelligence, and sustainability, bolstering ChangAn’s global expansion. Designed with green and smart principles, the plant uses photovoltaic power, rainwater recycling, recirculating air, virtual simulation, and digital systems to reduce energy use and boost efficiency.

Positioning Thailand as a hub for Southeast Asia, Australia, and New Zealand, ChangAn is pursuing its “In Thailand, For Thailand” strategy, and aims to surpass 5 million global sales and 3 million smart new energy vehicle sales by 2030. Over the next three years, ChangAn plans to launch 12 new energy products and accelerate the rollout of AI and assisted-driving technologies. A new spare parts warehouse in Rayong will serve as a global centre for right-hand drive vehicles, targeting a 98% satisfaction rate and 24-hour order delivery. This year, ChangAn will also upgrade its Thai digital service platform, adding AI-powered features including smart vehicle control, remote diagnostics, battery monitoring, and intelligent maintenance to enhance user experience.

Since 2017, ChangAn has launched its third entrepreneurship initiative and pursued global growth through its Green Plan, Intelligent Plan, and Vast Ocean Plan. The Company has built three key brands — CHANG-AN, DEEPAL, and AVATR — aiming to become a leader in intelligent, low-carbon mobility. In 2024, global sales reached 2.684 million vehicles, a 5.1% increase from the previous year. New energy vehicle sales hit 735,000, up 52.8%. ChangAn launched products in Mexico, Saudi Arabia, and Germany. Since November 2023, it has introduced seven models in Thailand, including the DEEPAL S07, E07, and AVATR 11, with sales topping 14,000 units and ranking in the country’s top four.

“We will continue to focus on long-term growth and local operations. We aim to build this factory as a ‘benchmark’,” said Mr. Zhu Huarong, Chairman of ChangAn Automobile. “Looking ahead, ChangAn stays committed to becoming an intelligent low-carbon mobility technology company.”

About ChangAn Automobile

ChangAn is an intelligent low-carbon mobility technology company. Its product lineup includes passenger vehicles, pick-ups, and light commercial vehicles. Powered by innovation and industrial upgrading, the Company is committed to sustainable mobility innovation on the road to becoming a world-class auto brand.

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SOURCE ChangAn Automobile

MUSCAT, Oman, May 16, 2025 /PRNewswire/ — United Solar Polysilicon (“United Solar” or the “Company”), a leading global provider of high-quality polysilicon solutions, is pleased to announce a strategic partnership with OQ Alternative Energy, a prominent renewable energy developer in the Middle East. Together, the two companies will jointly develop a landmark 700-megawatt (MW) photovoltaic (PV) power station, marking a significant milestone in the region’s transition to sustainable energy.

This joint development agreement underscores the shared commitment of both companies to advancing sustainable energy solutions and diversifying energy mix in Oman and the broader Middle East. Once operational, the 700MW PV project will contribute substantially to Oman’s national renewable energy goals, supporting the country’s vision for a more sustainable and resilient energy future.

“This partnership embodies our shared vision to harness the region’s abundant solar resources and accelerate the transition to clean, renewable energy,” said Longgen Zhang, Founder and Chairman of United Solar. “We are excited to partner with OQ Alternative Energy on a project that not only supports Oman’s energy goals but also demonstrates the transformative power of sustainable energy generation across the Middle East.”

“Collaborating with United Solar Polysilicon allows us to leverage our combined expertise in renewable energy development,” stated Najla Al Jamali, CEO of OQ Alternative Energy. “This project will contribute significantly to Oman’s clean energy landscape and set a benchmark for future initiatives in the region.”

Together, United Solar Polysilicon and OQ Alternative Energy are powering a cleaner, greener future for Oman and the wider region.

About United Solar Polysilicon:

United Solar Polysilicon is a global leader in the production of high-purity polysilicon for the solar industry. With a focus on innovation, quality, and sustainability, the company supplies essential materials for solar module manufacturing worldwide.

About OQ Alternative Energy:

OQ Alternative Energy is a regional pioneer in renewable energy development, committed to delivering innovative and sustainable energy solutions across the Middle East. The company focuses on solar, wind, and other clean energy projects to support economic diversification and environmental stewardship.

For media inquiries, please contact:

Jessi Zhang
Secretary of the Board
United Solar Polysilicon
Email: jessi.zhang@unitedsolarholding.com
Phone: +968 9116 1968

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SOURCE United Solar Holding Inc.

DUBAI, UAE, May 16, 2025 /PRNewswire/ — NWTN Inc. (Nasdaq: NWTN), a Dubai-headquartered Intelligent New Energy Vehicles (NEV) and smart technology company, announced the appointment of Mr. Benjamin Zhai as Executive Director of the Board and Global Chief Executive Officer.

This leadership change marks a milestone in NWTN’s strategic evolution, transforming from a NEV manufacturer to a global smart technology platform, poised to revolutionize innovation and supply chain ecosystem.

The NWTN board announcement stated, “We are excited to have Mr. Zhai to lead the company’s transformation and growth in the next phase. Mr. Zhai’s deep experience and impressive track record in building and transforming technology companies is a perfect match for our group.”

Mr. Zhai brings over three decades of global leadership experience across technology, mobility, and venture investment. He has worked extensively in Asia, Americas, Europe and Oceania, and has held senior roles at EDS (now HP), Kearney, Egon Zehnder, and Russell Reynolds, and played critical roles in several high-growth ventures such as NIO. He was former Chairman of NIO Global User Trust, CEO of Canoo (Go EV) China, CEO of Shenzhen Talent Group, Managing Partner of Russell Reynolds’ Automotive Practice in Asia Pacific and Americas, Managing Partner of Egon Zehnder’s Industrial Practice in Asia Pacific.

“NWTN is embarking on an exciting journey, fueled by AI, electrification, and new version of globalization,” said Mr. Zhai. “With UAE as our global hub, we are committed to builing a platform combining smart manufacturing, agile supply chains, and industrial-digital finance.”

Under Mr. Zhai’s leadership, NWTN will implement a transformative three-pillar strategy:

• Global Smart Innovation – Expand product offerings beyond NEVs to include autonomous logistics systems, drones, and smart wearables and other smart devices.
• Advanced Manufacturing in UAE – Establish the NWTN Smart Industrial Park in Abu Dhabi, integrating R&D, vehicle assembly, and intelligent equipment production to enhance smart manufacturing capabilities.
• Industrial-Digital Finance Convergence – Leverage the UAE’s strengths in industry policy, technology and talent, to create a “technology + manufacturing + capital” model.

“There is no better place than UAE to drive NWTN’s transformation. We look forward to partnering with technology innovators and entrepreneurs around the world, and we are committed to making this world more intelligent, more connected and more integrated.” Mr. Zhai concluded.

About NWTN

NWTN is a global innovator in smart EVs, green energy solutions, and autonomous driving technologies, headquartered in Dubai, UAE.

For Media Enquiries:
NWTN PR Team
Email: pr@nwtn.ae 

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SOURCE NWTN Inc.

MUNICH, Germany, May 16, 2025 /PRNewswire/ — On May 7-9, 2025, Hithium presented its full-scenario energy storage product portfolio at The smarter E Europe and officially launched the ∞Power 6.25MWh 2h/4h BESS EU Version, a system custom-designed for the European market. Featuring five key attributes—superior safety, high compatibility, easy maintenance, cost-effectiveness, and eco-friendliness—the system breaks through multiple constraints in capacity, scenarios, and environmental standards, empowering Europe’s transition toward low-carbon, sustainable energy. At the event, Hithium also signed a Memorandum of Understanding with Spanish venture capital management company GCRPV to pursue full-chain collaboration across the energy storage industry. This partnership marks a pivotal step forward in Hithium’s strategy for localized manufacturing in Europe.

At this year’s exhibition, Hithium also unveiled its all-scenarios customized product portfolio, including high-capacity ∞Cell 587Ah and 1175Ah battery cells, the ∞Pack+ full-scenario high-capacity energy storage platform, the ∞Cell N162Ah sodium-ion battery, and the ∞Block 261kWh C&I integrated storage cabinet. This comprehensive showcase highlights Hithium’s industry-leading innovation and scenario-based approach, while further underscoring its strong commitment to supporting Europe’s transition to green energy.

Unlocking Full-scenario Customization: The ∞Power 6.25MWh 2h/4h BESS EU Version Breaks Through Multiple Barriers

In recent years, long-duration BESS of four hours or more have emerged as a key focus and growing trend in the European energy storage market, as they effectively smooth power supply and demand fluctuations and significantly enhance system profitability.

The ∞Power 6.25MWh 2h/4h BESS EU Version is a customized solution by Hithium, designed to meet Europe’s increasing demand for long-duration energy storage. The system integrates seamlessly with renewable energy sources and supports a variety of inputs such as photovoltaic and wind power. With its high level of flexibility, it caters to the region’s diverse energy infrastructure.

Unlocking Capacity Constraints: The ∞Power 6.25MWh 4h BESS EU Version is equipped with the ∞Cell 1175Ah high-capacity cell. This enables more than a 30% reduction in non-cell component costs on the DC side during system integration, significantly lowering manufacturing equipment investment and markedly improving system consistency.

Unlocking Scenario Constraints: The ∞Power 6.25MWh 2h/4h BESS EU Version is built upon Hithium’s ∞Pack+ full-scenario high-capacity energy storage platform. It enables customized deployments tailored to the geographical and environmental conditions across different regions in Europe, achieving comprehensive scenario coverage.

Notably, the ∞Power 6.25MWh 2h/4h BESS EU Version adopts corrosion-resistant materials and structural designs to ensure long-term, stable operation in high-salinity coastal environments, addressing the needs of coastal applications across Europe. Hithium’s system, however, supports a wide temperature range and can function reliably in cold conditions down to -30°C, ensuring uninterrupted energy supply during harsh winters in Europe’s high-latitude regions.

Unlocking Environmental Constraints: The ∞Power 6.25MWh BESS 2h/4h EU Version features a low-noise design. This makes it suitable for noise-sensitive environments such as hospitals, schools, and residential areas, fully meeting Europe’s stringent standards for quiet operation. In addition, its structural components are 100% recyclable, ensuring minimal environmental impact and aligning with the region’s sustainability goals.

Moreover, the ∞Power 6.25MWh 2h/4h BESS EU Version offers a service life of up to 25 years. The system modules feature flame-retardant top caps to prevent thermal propagation between packs, and an innovative dual-layer BMS ensures SIL2-level functional safety and cybersecurity.

Signing MoU with Spanish Firm GCRPV, Accelerating Toward “Manufacturing in Europe“

During the exhibition, Hithium announced a strategic partnership with GCRPV, a venture capital firm backed by the Basque Government, to advance full-chain localization in Europe—from battery manufacturing and R&D to recycling infrastructure. This collaboration marks a decisive step in Hithium’s “Local for Local” strategy, strengthening its foothold in Europe’s renewable energy market.

With established commercial operations in Europe—including a German subsidiary in Munich and landmark projects like Bulgaria’s 55MWh storage system and Hungary’s first customized storage solution—Hithium is now deepening its commitment through localized production and innovation.

By accelerating its full value-chain deployment across Europe, Hithium is not only advancing the pace of localized manufacturing but also redefining the global expansion model for Chinese new energy enterprises through deep integration of technology, supply chains, and standards. Whether through precise scenario-based deployments, effective production output, or collaborative ecosystem building, these efforts mark a new chapter in Hithium’s globalization strategy—delivering a comprehensive “Hithium Solution” to power Europe’s green energy transition.

About Hithium

Founded in 2019, Hithium is a leading global company in new energy technology, committed to delivering energy storage solutions centered on advanced energy storage battery and system technologies. Hithium has cultivated robust research, production, sales, and service capabilities in global markets. As the only single-focused energy storage company to achieve GWh-scale global shipments of lithium-ion ESS batteries, Hithium’s customer-centric focus drives technological and innovative products and solutions for customers across more than 20 countries and regions.

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SOURCE HiTHIUM Energy Storage

VANCOUVER, BC, May 15, 2025 /PRNewswire/ — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announces the closing of the first tranche of its previously announced secured term loan offering for an aggregate principal amount of U.S. $500,000 (the “Initial Loan“). Please refer to the Company’s news release dated May 13, 2025 for more details regarding the term loan offering.

In connection with the Loan, the Company entered into respective loan agreements with companies controlled by the CEO and a Director of the Company (the “Initial Lenders“). Management anticipates that the Company will allocate the net proceeds from the Initial Loan towards production costs, supplier payments, payroll and working capital.

The Initial Loan is secured with a general security agreement on the assets of the Company subordinated to all senior debt with financial and other institutions and will bear interest of 12% per annum commencing on the date of advance (the “Advance Date“) to and including the date all of the Company’s indebtedness pursuant to the Initial Loan is paid in full. The term of the Initial Loan will be two years from the Advance Date.

As an inducement for the Loan, the Company issued 1,086,956 non-transferable share purchase warrants (each, a “Loan Bonus Warrant“) to each Initial Lender. Each Loan Bonus Warrant entitles the holder to purchase one common share of the Company (each, a “Share“) at an exercise price of U.S. $0.46 per Share for a period of twenty-four (24) months from the closing date of the Initial Loan.

The Initial Lenders are each considered to be a “related party” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“) and the Initial Loan and issuance of Loan Bonus Warrants is considered to be a “related party transaction” within the meaning of MI 61-101 but each is exempt from the formal valuation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(a) as the fair market value of the Initial Loan and Loan Bonus Warrants is not more than 25% of the Company’s market capitalization.

All securities issued in connection with the Initial Loan will be subject to a statutory hold period of four months plus a day from the closing of the Initial Loan in accordance with applicable securities legislation.

For further information contact:

Fraser Atkinson, CEO
(604) 220-8048 

Brendan Riley, President
(510) 910-3377

Michael Sieffert, CFO
(604) 563-4144

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis.  GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the use of proceeds of the Loan. Although the Company believes that and the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that the proceeds of the Loan may not be used as stated in this news release, and those additional risks set out in the Company’s public documents filed on SEDAR+ at www.sedarplus.ca and with the United States Securities and Exchange Commission filed on EDGAR at www.sec.gov. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  ©2025 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

CALGARY, AB, May 15, 2025 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (“Exro” or the “Company”), a leading technology company specializing in power control solutions for electric vehicles and energy storage, today announced its financial results for the first quarter ended March 31, 2025.

Q1 2025 Highlights

• Revenue of $4.4 million from delivery of 23 electric propulsion units and aftersales services.
• Continued integration of Coil Driver™ technology with a third commercial EV platform.
• Strategic engagements advanced with Stellantis and two additional global automotive OEMs.
• Workforce reduced by 19% and cost optimization initiatives began to deliver gross margin improvements.

“During the first quarter, Exro made meaningful progress executing against its commercialization roadmap,” said Exro CEO Sue Ozdemir. “We continued propulsion system deliveries to our commercial vehicle OEM customers, advanced new OEM programs, and began realizing the benefits of targeted cost reductions and margin improvements. With the electrification market continuing to evolve, we remain focused on disciplined execution, strategic capital deployment, and delivering long-term value.”

Financial Results

Revenue for Q1 2025 totaled $4.44 million, compared to $87,828 in Q1 2024. This increase reflects the Company’s transition from technology validation to commercial deliveries.

Gross profit, excluding amortization, was negative $2.3 million, an improvement from prior quarters, driven by early cost reductions, inventory efficiencies, and product mix optimization. Gross margin per unit improved significantly compared to Q4 2024, continuing the trend toward profitability.

Net loss from continuing operations was $23.5 million (or $0.04 per share), compared to a loss of $12.9 million (or $0.08 per share) in Q1 2024. The increase in loss is primarily attributable to non-cash charges, including $7.4 million in depreciation and amortization and $3.8 million in interest expense related to senior secured debt and convertible notes.

As of March 31, 2025, the Company held $0.76 million in cash and reported a working capital deficit of $7.0 million. Operating cash flow was negative $11.5 million, reflecting the scaling of commercial operations.

Strategic and Operational Update

• Exro is delivering propulsion units to two of the top five commercial vehicle OEMs in North America and remains in advanced discussions with two others.
• The Company is pursuing an additional OEM contract for 2026 production.
• An additional 20% reduction in bill-of-materials costs is targeted by year-end.
• Additional Cell Driver™ pilot deployments are scheduled across North America.
• Following quarter-end, Exro is continuing to explore viable funding opportunities to support its business plan. The Company received US $4.0 million ($5,615,510) in additional funding from its existing senior secured creditor.

Strategic Wind-Down of APAC Subsidiary

As part of its focus on core markets and capital efficiency, Exro has initiated an orderly wind-down of its Australia-based subsidiary. Legal counsel has been retained, and the Company is working to resolve all lease, employment, and regulatory matters. This strategic decision supports the Company’s ongoing focus on cost reductions and reallocation of resources to high-impact markets with stronger commercial traction and more efficient capital deployment.

Outlook

While macroeconomic conditions continue to affect the broader automotive sector, Exro remains confident in the long-term demand for cost-efficient electrification solutions.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive^®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Exro Technologies Inc.

FONTANA, Calif., May 15, 2025 /PRNewswire/ — Bar None Auction opened its third location in the Western United States, adding Fontana, CA to existing sites in Sacramento, CA and Woodburn, OR, in October of 2024.  With the local staff trained and newly installed IT infrastructure firing on all cylinders, the Fontana yard committed to hosting monthly auctions in January of 2025 – which Bar None was first to introduce to, and forever change, the heavy equipment auction industry. 

“We want our clients to know they can come back each month, whether they’re looking to buy or sell,” the company said.

This frequency allows customers to manage their inventory and finances effectively. The Southern California expansion solidifies Bar None’s West Coast presence and staggers its now three auctions on the 2nd Saturday (Sacramento), and 3rd & 4th Fridays (Fontana and Woodburn respectively) of every month, providing greater accessibility for buyers and sellers alike. (*Note, May’s Fontana auction on Friday, May 23rd is an exception to their normally scheduled third Fridays.)

Founded in 1993 by Zeb Seidel, Bar None Auction is now under the leadership of his son, Josh Seidel, a third-generation auctioneer.

“My grandfather was an auctioneer, my dad was an auctioneer and I’m an auctioneer,” Seidel said. “The auction business is in my blood — I’ve been involved my whole life, from commercial auctions to charity sales. It’s been a fulfilling journey.”

Seidel graduated from California State University-Sacramento with a business degree and has owned several small businesses, further deepening his expertise.

The name “Bar None” itself holds significance for the Seidel family.

“It originated with my great-great-grandfather, who would say, ‘I can get it done, bar none,'” Seidel said. The phrase embodies the commitment to excellence that the business strives to uphold.

While Bar None previously operated a location in the San Bernardino/Riverside area, the decision was made to refocus efforts on its Sacramento and Oregon sites.

“We knew we wanted to return to Southern California eventually, especially as demand remained strong from rental companies and contractors in the area,” Seidel said. Recently, a significant state contract required multiple locations across California, prompting the return.

The Fontana site boasts impressive features, including 12 acres of paved space, two loading docks, a range of forklifts to facilitate efficient load-out and checkout, as well as over a thousand feet of highway exposure and visibility.

All auctions are now conducted exclusively online, a shift accelerated by the pandemic.

“While I love live auctions, online is undeniably the future,” Seidel said. “The pandemic trained buyers to embrace digital tools, and we’ve made it easier than ever to participate in our auctions. Each lot has a scheduled time for bidding so customers can engage without the chaos of a live auction.”

To retain the sense of community often felt in live auctions, Bar None hosts preview days with food trucks, giveaways and opportunities for camaraderie among bidders. “It’s about creating an experience,” Seidel said.

As Bar None Auction grows, Seidel remains focused on providing exceptional service.

“We pride ourselves on being the easy button for our customers, whether they’re selling or buying,” he said.

With the new Fontana location, Bar None is poised for continued success by blending tradition with innovation in the auction business.

Construction Equipment Guide (CEG) contributed to this release.

About Bar None Auction:
Founded in 1993, Bar None Auction conducts premier monthly public auctions that specialize in heavy equipment, commercial and consumer vehicles and industrial support items.  Auctions are conducted year-round throughout the Western US including Oregon, Washington, Idaho, Utah, California, Nevada and Arizona with permanent locations in Sacramento, CA, Fontana, CA, and Woodburn, OR.  The leadership team of Bar None Auction has over a century of senior corporate experience that extends beyond auction services.  Bar None Auction is a California corporation headquartered in Sacramento, CA.

Media Contact:
Jeff Huber, Marketing Director
jhuber@barnoneauction.com

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SOURCE Bar None Auction

This prestigious award underscores the healthcare organization’s unwavering commitment to
inclusivity programs, innovation, and employee wellbeing.

SAN FRANCISCO, May 15, 2025 /PRNewswire/ — Delta Dental of California and Affiliates, the leading dental insurance provider, has been recognized by Newsweek as one of America’s Greatest Workplaces for Women in 2025. Presented by Newsweek and Plant-A Insights Group, this acclaimed award recognizes 1,000 U.S. companies that demonstrate supportive workplace policies and active commitment to inclusion.

“This award is a testament to Delta Dental’s ongoing commitment to our people,” said Brian Sherman, executive vice president and chief people officer of Delta Dental of California and Affiliates. “In today’s world, the importance of personal wellbeing and feeling supported in the workplace cannot be overstated. We believe inclusivity drives innovation, strengthens company culture, and empowers employees to better serve their communities.”

Newsweek and Plant-A Insights Group evaluate companies through a rigorous process that involves assessment of public data, interviews with HR professionals, and large-scale confidential employee surveys from companies across industries.

Delta Dental remains committed to expanding access to quality oral healthcare, improving education and driving impactful policy changes to address systemic issues. To learn more about what makes Delta Dental of California and Affiliates a top U.S. employer, visit our career page.

About Delta Dental of California and Affiliates
Since 1955, Delta Dental of California and Affiliates has offered comprehensive, high-quality oral health care coverage to millions of enrollees and built the strongest network of dental providers in the country. The Delta Dental of California enterprise includes its affiliates Delta Dental Insurance Company, Delta Dental of Pennsylvania, Delta Dental of New York, Inc., as well as the national DeltaCare USA network, and provides dental benefits to more than 31 million people across 15 states and the District of Columbia.* All are members of the Delta Dental Plans Association based in Chicago, Illinois, the not-for-profit national association that through a national network of Delta Dental companies collectively covers millions of people nationwide. Delta Dental is a registered trademark of Delta Dental Plans Association.
For more information about Delta Dental of California and Affiliates, please visit www.deltadentalins.com

*Delta Dental of California and Affiliates’ operating areas encompass Alabama, California, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, Montana, Nevada, New York, Pennsylvania, Texas, Utah, West Virginia and the District of Columbia, as well as Puerto Rico and the Virgin Islands.

Media Contact:
Kinga Skowronek
Public Relations Manager at Delta Dental Insurance Company
kskowronek@delta.org
(415) 975-8272

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SOURCE Delta Dental of California