SEA Electric to merge with Canadian EV tech firm

Electric vehicle technology company SEA Electric is being acquired by Canadian-based power control solutions manufacturer Exro Technologies in a deal worth around US$248 million (NZ$405.5m).

The acquisition of SEA Electric by the Toronto Stock Exchange-listed firm will establish an e-mobility entity with the aim of strengthening Exro’s technology offerings and revenue growth.

Following completion of the deal, the combined company will continue to operate under the name Exro Technologies Inc and trade on the Toronto Stock Exchange.

It marks a major transition for SEA Electric which was founded in Melbourne in 2012 and has deployed products in the USA, Canada, Australia, New Zealand, Thailand, Indonesia, India, and South Africa.

Exro chief executive Sue Ozdemir says the merger will unite complementary EV technology platforms and unlock “substantial opportunities for growth and path to profitability”.

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