• The company was recently honored by Stellantis.
  • The fate of its products and technology are unclear.
  • It stocks has been delisted.

Innovation does not guarantee success.

Many companies push the bounds of existing technology and create things that never existed before, but that does not mean a market exists for those products.

Exro Technologies seemed like a company that was on the bleeding edge of the automotive and energy markets. The company had a promising relationship with Stellantis, the manufacturer of Dodge, Chrysler, Jeep, and other brands.

“For the past 14 months, Exro and Stellantis have collaborated in a confidential innovation program to demonstrate the capabilities of Exro’s Coil Driver technology for potential applications within Stellantis’ passenger vehicles. The lifting of the NDA marks a milestone for the innovation program as the partners successfully progressed the partnership through multiple technical, performance, and cost study milestones,” Exro shared in a press release.

That Sept. 2024 announcement seemed like it was a first step on the road to success foer the brand.

Stellantis also recognized Exro as a finalist for its supplier of the year award in 2024.

“Exro was nominated for its expertise in innovative motor control technology, which significantly enhanced our electrified motor design, improved performance, and reduced costs, demonstrating the commitment to accelerate electric vehicle adoption in the passenger car market.” Stellantis’ Senior Vice President of Global Purchasing Programs Teresa Thiele said.

Now, just over a year later, Exro has filed for Chapter 7 bankruptcy.

Exro files Chapter 7 bankruptcy

While Exro may not be a household name, it was a key player in creating more efficient power control for cars and trucks.

“Exro Technologies Inc., a clean-technology company, focuses on developing power-control electronics in Canada. It provides Coil Driver, an adaptive EV traction inverter that optimizes electric motor performance through direct control of the motor coil windings; Cell Driver, an integrated battery energy storage system for stationary commercial and industrial energy storage applications; and SEA-Drive, a complete electric power system solution to adapt to a range of trucks and commercial vehicles enabling electrification of the spectrum from light to heavy-duty,” is how SimplyWall.St described the company.

The analysts at SimplyWall.St did share some warning signs:

  • Negative shareholders equity
  • Has less than 1 year of cash runway
  • Earnings have declined by 66.9% per year over past 5 years
  • Highly volatile share price over the past 3 months compared to the Canadian market

Now, the company has been delisted as it has filed for Chapter 7 bankruptcy protection.

“On October 31, 2025, the Company’s direct and indirect subsidiaries established in the United States filed voluntary petitions for creditor protection under Chapter 7 of the US Bankruptcy Code which included each of Exro Technologies USA, Inc., Exro Vehicle Systems, Inc., SEA Electric, Inc. and SEA Electric, LLC,” it shared in a media release.

Exro was a Stellantis partner.

Sullivan/Getty Images

Exro Technologies Inc. Chapter 7 bankruptcy timeline

  • 2014: Exro Technologies was founded.
    Source: BetaKit
  • May 16, 2025: Exro announced a US$30 million credit facility, intended to provide liquidity and support operations.
    Source: Newswire
  • June 9, 2025: The company issued a corporate update:
    Received the initial draw of US$2 million under that credit facility.

    Approved its 2025 operating plan and a 13-week cash flow forecast, accepted by the lender.

    Engaged Cantor Fitzgerald & Co. as exclusive financial advisor in a strategic review.

    Planned to wind up its Australian subsidiaries by end of June 2025, focusing on North American programs.

    Source: Newswire

  • September 8, 2025: CEO Sue Ozdemir resigned and the board appointed Chris Rankin as interim CEO / Chief Restructuring Officer.
    Source: BetaKit
  • September 17, 2025: Exro announced that it would discontinue its US business (via its US-subsidiaries), and reduce non-essential US staff.
    Also noted that the company anticipated a delisting review by the Toronto Stock Exchange.

    Source: PR Newswire

  • October 31, 2025” The US subsidiary, Exro Technologies USA, Inc., filed a voluntary bankruptcy petition under Chapter 7 in the United States Bankruptcy Court for the District of Delaware.
    Source: PacerMonitor

    The case number is 25-11907

    It indicates a “no asset” case.

    A meeting of creditors (341 meeting) was scheduled for December 4, 2025. i

  • As of early Nov 2025: The bankruptcy filing is recent; assets are in the range of $100,001-$1,000,000, liabilities between $10 million and 50 million, with 50-99 creditors.

What’s next for Exro?

The company will be liquidated under court supervision.

“The company further announces that it has consented to the appointment of a receiver under the Bankruptcy and Insolvency Act (Canada), in connection with an application expected to be filed today with the Court of King’s Bench of Alberta by the company’s senior secured lender, in respect of the Company and its Canadian subsidiaries DPM Technologies Inc. and Cellex Energy Inc.,” it shared.

The Chapter 7 bankrutpcy filing was not a surprise to analysts at MicroAxis who predicted the filing.

“Exro Technologies’ likelihood of distress is over 60% at the present time. It has an above-average risk of going through some form of financial hardship in the next 2 years. Exro Technologies’ Chance of financial distress is determined by interpolating and adjusting Exro Altman Z Score to account for off-balance-sheet items and missing or unfiled public information. All items used in analyzing the odds of distress are taken from the Exro balance sheet, as well as cash flow and income statements available from the company’s most recent filings,” the website shared.

It’s unclear what will happen to Exro’s technolog, including its Coil Driver.

The company described that device on its website.

“Embrace the future of electric vehicles with the Coil Driver technology – a next-generation EV traction inverter. This patented technology empowers a single motor to act as multiple electric machines, optimizing torque, and power while dynamically maximizing system efficiency. It alters electromagnetics in response to speed and torque changes, reconfiguring coil windings intelligently and seamlessly in both series and parallel modes,” it shared.

This allows a single electric vehicle motor to deliver both high torque at low speeds and high power at highway speeds without additional gearboxes or multiple motors, improving efficiency and reducing cost, according to Exro Technologies.