The Court of King’s Bench of Alberta has appointed FTI Consulting Canada Inc. as receiver and manager over all current and future assets of Exro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc. pursuant to a consent receivership order pronounced on November 14, 2025, following an application by secured lender NBIMC Quantitative Strategies Fund – Class N. The order grants the receiver broad powers to take possession of, manage, and market the debtors’ property, including authority to conduct asset sales and seek vesting orders, subject to court approval thresholds.
The Exro group operates in the clean technology sector, developing power control electronics designed to enhance electric motors, batteries, and stationary energy storage systems. Its technologies, branded as Coil Driver™, Cell Driver™, and SEA Drive™, target commercial and fleet based electric vehicles, light duty passenger vehicles, and stationary energy storage applications. Exro Technologies Inc. is publicly traded on the Toronto Stock Exchange and serves as the parent company of the Canadian operating entities DPM Technologies Inc. and Cellex Energy Inc., each incorporated in British Columbia with head offices in Calgary.
The Canadian entities form part of a broader global corporate group that has undergone a staged wind down over 2024 and 2025, including Australian insolvency proceedings and the reduction of international operations to a small residual employee base in Canada.
Court materials attribute the group’s financial deterioration to a sustained downturn in the electric vehicle market, the failed integration of a business combination with SEA Electric Holdings PTY Ltd. completed in April 2024, and mounting legal and liquidity pressures. These included multiple lawsuits against group entities, a securities class action commenced in November 2024, and unsuccessful efforts to secure replacement financing or complete a sale transaction despite engaging multiple financial advisers.
The evidence shows that, as of December 31, 2024, the Exro group incurred a consolidated net loss of $288.9 million, followed by continued liquidity stress and workforce reductions through 2025. By late October 2025, only 8 employees remained across the group, with 3 employed by Exro Technologies Inc. in Canada.
NBIMC extended multiple secured financings to the Exro group, including an interim loan facility dated May 15, 2025 with a principal amount of USD $30 million, alongside earlier secured note and indenture financings. As at October 30, 2025, amounts outstanding under the interim facility totaled approximately USD $12.9 million, inclusive of principal, interest, and accrued fees.
The debt was repayable on demand, and defaults arose from missed reporting obligations, failure to remit required proceeds, and failure to achieve specified milestones under the interim facility. NBIMC issued formal demands and statutory enforcement notices in late September 2025, which went unsatisfied.
The receivership order authorizes FTI to take control of all assets, operate or wind down the business, and market any or all property, including intellectual property and technology assets. The receiver may complete asset sales up to $500,000 individually, subject to aggregate limits, without further court approval, and may seek vesting orders for larger transactions.
Counsel is Burnet, Duckworth & Palmer LLP for NBIMC; Gowling WLG for the receiver’ Stikeman Elliott and Blakes for the Exro group; KND Complex Litigation and Baker Law Firm for various class action plaintiffs; KND Complex Litigation for the Ad Hoc Group of Convertible Debenture Holders; and Bennett Jones for Burnswest Properties Ltd.
