• Exro has initiated the process to obtain UL certification for its Energy Storage System (ESS), powered by its patented Battery Control System™ (BCS) technology.    
• Exro's ESS is designed to maximize the lifespan of batteries in first-life and second-life, creating an option for reuse of electric cell battery packs, minimizing waste and establishing a pathway to a circular economy.    
• Submission for UL certification marks a significant milestone for Exro's ESS in its path to commercialization. 
• Exro is positioning itself to meet high demand for low-cost energy storage solutions for the commercial and industrial market.      

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, announced today that it has initiated the process to obtain Underwriter Laboratories ("UL") certification for its Energy Storage System (ESS), powered by its patented Battery Control System™ (BCS) technology.

Exro's BCS technology expands the capabilities of batteries in their first and second life by enabling a greater depth of control on the cells. The technology optimizes battery packs for health and performance at the cellular level, extending battery life and permitting stationary energy storage systems to operate more safely, with less down time.

Exro's ESS has a modular design for ease of installation and utilizes modular compact inverters to replace the traditional centralized design of most energy storage systems, resulting in reduced operation and maintenance costs in commercial and industrial applications. Exro's ESS can not only maximize the lifespan of first-life batteries, but also utilize second-life batteries, creating an option for reuse of electric cell battery packs, minimizing waste and establishing a pathway to a circular economy.

The submission for UL certification marks a significant milestone for Exro's ESS in its continued path to commercialization. The submission enables the Company to secure pilot locations and proceed with in-field validations of the ESS on specific locations and comes ahead of the Company's anticipated timing. UL certifications demonstrate that products have been tested to applicable industry-wide standards. UL is widely recognized as the long-time safety science leader and the organization's expertise provides credibility to regulators and the broader marketplace.

The goal of the process is to fully certify Exro's ESS as a deployed commercial and industrial product per North American regulations and to receive UL9540A certification. The process is anticipated to take approximately nine months. Upon successful completion of the UL certification process, the Company will be able to produce and provide units to the burgeoning energy storage market. In parallel to the UL certification process, Exro will begin marketing the ESS and working to secure the first pilots and orders to ensure the commercialization and delivery of the product by Q4 2023.

"Our patented cellular level battery control offers a reliable solution to power a system that is not only cost-effective, but also helps to prevent thermal runaway making it a safe, dependable option for commercial and industrial applications," said Exro CEO Sue Ozdemir. "Energy storage in the U.S. has become a booming billion-dollar annual market, but there are not enough available batteries to meet demand due to raw materials shortages and competition with the EV market. We are maximizing battery lifespans and helping to advance battery recycling with our ESS to provide low-cost energy storage solutions that support the grid of the future."

Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.

Exro's advanced motor control technology, the Coil Driver^TM, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.

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.

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