Exro’s Coil Driver technology helps electric vehicles operate more efficiently. California-based SEA builds systems that power EVs. Exro plans to integrate the two platforms following the acquisition. The equity-and-debt deal is expected to close by the end of the first quarter and is subject to shareholder approval and other customary closing conditions. (The Logic)

Talking point: Coil Driver replaces a vehicle’s inverter, which is used to regulate power flows from a battery, to boost torque at low speeds and power efficiency at high speeds. In an interview with The Globe and Mail, Exro CEO Sue Ozdemir said the company purchases software, motors and batteries from many of the same suppliers as SEA. It expects to be able to consolidate supply chains and reduce costs following the merger. In a release, the company said the acquisition would help make Exro profitable within the next year. Slower-than-expected EV demand hit Exro’s stock performance last year, while its shares fell nearly nine per cent on the Toronto Stock Exchange on Wednesday.