Source: Streetwise Reports 04/04/2019
The two entities plan to merge one’s technology with the other’s product.
Exro Technologies Inc. (XRO:CSE; EXROF:OTCQB) announced in a news release it signed a joint venture development agreement with Exarge AS to integrate Exro’s Intelligent Energy Management System (IEMS) into mobile energy storage batteries that Exarge will use in its battery containers for sale or lease.
Exro provides products and services to manufacturers to increase the efficiency and reliability of power systems, including batteries, electric motors and generators. Norway-based Exarge specializes in mobile energy storage solutions.
Exarge intends to supply containers full of batteries for permanent or temporary storage for use in any place in the world, which can be replaced when necessary or recharged when and where feasible. Such containers could be used for replacing generators at construction sites, energy storage of solar and wind power and grid balancing.
Connecting Exarge’s service with Exro’s modular IEMS technology should enhance battery efficiency and extend longevity.
Per the agreement, Exro will receive a fee per unit sold that “will be based upon the economics of each opportunity,” the release noted.
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