New advances in technology are not limited to big-ticket, large-cap companies; a number of such concerns are located in the smaller-cap area.
The tech sectors in New York and Toronto each nicked up 0.1% in the last hour of trading Wednesday.
Exro Technologies Inc. (OTC:EXROF) announced Wednesday that it is partnering with Australia's SEA Electric Pty Ltd. to enhance electric powertrain technology for heavy-duty trucks and delivery vehicles.
Recognized as a global leader in the electrification of commercial vehicles, SEA Electric and Exro will co-develop and test powertrains based on Exro's Coil Driver and the SEA-Drive technologies.
Said Exro Chief Eric Hustedt, "This is another application where the Coil Driver advantages are most apparent. By implementing an overall system optimization in concert with our patented power electronics technology, we can improve gradeability without sacrificing speed range-all without the need for multispeed mechanical gearing, or a dual motor powertrain."
The electric commercial vehicle market is growing quickly, partly because of the efficiencies and performance benefits they offer as well as government policies aimed at accelerating adoption to reduce carbon emissions. Motor Intelligence estimates the commercial vehicle market will surge from $19.8 billion U.S. in 2020 to $38.6 billion U.S. in 2025.
EXROF shares shot higher 5.6 cents, or 9.3%, to 66.11 cents, on 273,000 shares.
Meanwhile, Toronto-based ARHT Media Inc. (TSX-Venture:ART) has entered into an agreement to supply Hologram Capture and Display technology that will link four separate cities in the Asia-Pacific region enabling enhanced two-way live communication using ARHT’s holopresence technology.
The deal includes an upfront payment for hardware plus ongoing fees for transmissions, using the Company’s ARHT Engine software, as well as for maintenance, software upgrades, training and event support. The deal is currently scheduled to be delivered in Q3 2020.
ARHT claims a status as the global leader in the development, production and distribution of high-quality, low latency hologram and digital content.
AHRT Media shares galloped seven cents, or 20.3%, to 41.5 cents, on 2.9 million shares.
