09:08 AM EDT, 05/16/2025 (MT Newswires) -- Exro Technologies ( EXROF ) , which specializes in power control solutions for electric vehicles and energy storage, on Friday announced a funding commitment of up to US$30 million from a long-term institutional shareholder pursuant to a senior secured loan facility.

The company said the proceeds of the facility will be used for working capital, implementation of the strategic plan, and retention of advisors and legal support.

The secured, non-revolving, multiple-draw credit facility of up to US$30 million will include milestone-based tranches, with the initial tranche of US$2 million expected to be advanced on May 20.

A statement noted that a condition of the second milestone-based tranche is that the company must either obtain a postponement of security from a requisite majority of debentures issued pursuant to an indenture dated December 30, 2022, or issue a redemption notice pursuant to which the convertible debentures would be redeemed in exchange for shares. The company said it intends to solicit a postponement of security from a requisite majority of the convertible debentures.

The company added that the facility is not convertible into equity and the lender will be issued warrants to purchase up to 75 million common shares at a nominal price.

Additionally, the company said it has initiated an "orderly" wind-down of its Australia-based subsidiary.