Exro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c. B-3
- File
- 2501-17556
Exro Technologies Inc. (TSX:EXRO), with DPM Technologies Inc. and Cellex Energy Inc., has been under court-appointed receivership in Alberta since November 14, 2025, commenced under s. 243 of the BIA on the application of NBIMC Quantitative Strategies Fund – Class N. At the date of appointment the debtors had approximately $125 million of secured debt and $8.5 million of unsecured debt. NBIMC had issued notices of default and BIA s. 244 notices on September 28, 2025 under its interim facility, a May 15, 2025 loan agreement with a USD $30,000,000 principal amount, on which USD $12,863,578.06 was outstanding as at October 30, 2025. A sale solicitation process table dated December 5, 2025 records secured note financing of $103,083,000 and indenture financing of $9,541,000, both owed to NBIMC, which is also a shareholder of Exro. The receivership remains active.
A claims procedure has been established — see the order for deadlines.
48 earlier updates, back to 14 November 2025 — subscribers.
Outcome brief
Exro: nothing left, and the class action is stayed
A TSX-listed clean technology company was delisted in October, put into receivership in November, sold to its secured creditor by credit bid in February, and adjudged bankrupt in May. As at the date of bankruptcy it had no assets remaining to be realized. A shareholder class action, a derivative petition and an oppression claim are all still live somewhere behind that.
Debtor
Exro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc.
Applicant
NBIMC Quantitative Strategies Fund – Class N
Receiver
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dunlop | Court of King's Bench of Alberta | 1 order, May 2026 | 44 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | Gowling WLG (Canada) LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| ApplicantNBIMC Quantitative Strategies Fund – Class N | Burnet Duckworth & Palmer LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| DebtorExro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc. | Blake, Cassels & Graydon LLP | 4 Nov 2025 | Application · 4 Nov 2025 |
| CreditorAd Hoc Group of Convertible Debenture Holders | Bennett Jones LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorAddress for Service and Contact Information of Filing This Document | Gowling WLG (Canada) LLP | 20 May 2026 | Application · 20 May 2026 |
| CreditorArrow Electronics Inc | Davis LLP (now Dla Piper LLP) | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorBurnswest Properties Ltd | Bennett Jones LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorCanaccord Genuity Corp., Eight Capital, National Bank Financial Inc., ATB Securities Inc., Stifel Nicolaus Canada Inc., Roth Canada Inc., and A.G.P | Torys LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorDirector and Officer | Stikeman Elliott LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorJudgment Long View Systems Corporation | Norton Rose Fulbright Canada LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorJudgment Tracktionssysteme Austria GmbH | Parlee McLaws LLP | 10 Mar 2026 | Service list · 10 Mar 2026 |
| CreditorVestcor Inc | Burnet Duckworth & Palmer LLP | 26 May 2026 | Factum · 26 May 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | NBIMC Group (the Applicant/Lender and related lending entities) — Secured Note Financing / senior secured promissory notesSecured financing pursuant to various promissory notes issued by Exro Canada to the Lender and related NBIMC Group entities, advanced on various dates between April 5, 2024 and April 28, 2025 (the affidavit states particulars of principal, interest and other amounts due to be quantified and presented to the court at page 7) — Affidavit does not quantify this debt ("particulars ... to be quantified and presented to the court"). Exhibited financial statements/MD&A state an exact dated balance: as at June 30, 2025 the Company's senior secured promissory notes had a face value plus accrued interes · as of 30 Jun 2025 | $73M USD | Affidavit No. 1 of Mark Holleran |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
2 transactions · 2 closed — The Transaction did not result in any recovery for unsecured creditors as the secured creditor completed the acquisition through a credit bid and was not repaid in full for its other indebtedness.Trustee's Preliminary Report · 18 Jun 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 773948 N.B. Inc. and 773951 N.B. Inc.the Debtor s' rights, title and interests in and to the assets described in the Credit Bid APA (the ' Purchased Assets ' ) · asset sale · agreement 2 Feb 2026 | Subscribers | Closed27 Feb 2026 | Filed Receiver's Certificate |
| 773951 N.C. Inc.substantially all of the Debtors' assets, undertaking and property, except those assets listed as Excluded Assets · asset sale · agreement 2 Feb 2026 | Subscribers | Closed12 Mar 2026 | Second Report of the Receiver |
Unsecured creditors: no distribution.EstimatedTrustee's Preliminary Report · 18 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Preliminary Report · 18 Jun 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
3 engagements · 2 firms — latest: FTI Consulting Canada Inc., to 30 Apr 2026Affidavit of Brett Wilson · 20 May 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| FTI Consulting Canada Inc.Receiverperiod 2 of 2 | to 30 Apr 2026 | ••• | ••• | •••4 people | Affidavit of Brett Wilson · 20 May 2026 |
| FTI Consulting Canada Inc.Receiverperiod 1 of 2 | — | ••• | ••• | •••4 people | Affidavit of Brett Wilson · 20 May 2026 |
| Gowling WLG (Canada) LLPCounsel | — | — | ••• | not stated | Affidavit of Brett Wilson · 20 May 2026 |
| Date | Document | File |
|---|---|---|
| Minutes to the First Meeting of Creditors - Cellex Energy Inc. | PDF · Subscribers | |
Minutes to the First Meeting of Creditors - DPM Technologies Inc.
| PDF · Subscribers | |
| Minutes to the First Meeting of Creditors - Exro Technologies Inc. | PDF · Subscribers | |
Trustee's Preliminary Report
| PDF · Subscribers | |
| Notice to Creditors - Exro Technologies Inc. | PDF · Subscribers | |
| Proof of Claim (Form 31) - Cellex Energy Inc | PDF · Subscribers | |
| Proof of Claim (Form 31) - DPM Technologies Inc. | PDF · Subscribers | |
| Proof of Claim (Form 31) - Exro Technologies Inc. | PDF · Subscribers | |
| Proxy (Form 36) - Cellex Energy Inc | PDF · Subscribers | |
| Proxy (Form 36) - DPM Technologies Inc. | PDF · Subscribers | |
| Proxy (Form 36) - Exro Technologies Inc | PDF · Subscribers | |
| Statement of Affairs (Form 78) - Cellex Energy Inc | PDF · Subscribers | |
| Statement of Affairs (Form 78) - DPM Technologies Inc. | PDF · Subscribers | |
| Statement of Affairs (Form 78) - Exro Technologies Inc. | PDF · Subscribers | |
| Bankruptcy Order | PDF · Subscribers | |
Order for Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities and Discharge of Receiver
| PDF · Subscribers | |
| Affidavit of Angelamor Molod Donor | PDF · Subscribers | |
| Affidavit #1 of Jack Stein | PDF · Subscribers | |
| Affidavit of Peter Syroid | PDF · Subscribers | |
| Bankruptcy Application | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
| Brief of Law | PDF · Subscribers | |
Brief of Law of the Applicant
| PDF · Subscribers | |
| Consent to Act as Trustee | PDF · Subscribers | |
Affidavit of Brett Wilson
| PDF · Subscribers | |
Application
| PDF · Subscribers | |
| Bench Brief of Law | PDF · Subscribers | |
| Application for a Mediation Order and Ancillary Relief | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Service Letter (May 19, 2026) | PDF · Subscribers | |
| Service Letter to Service List re 29 May 2026 Application Materials | PDF · Subscribers | |
| Amended Petition to the Court | PDF · Subscribers | |
| Petition to the Court | PDF · Subscribers | |
Filed Receiver's Certificate
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Order - Activities, Charge, and Sealing Order
| PDF · Subscribers | |
| Affidavit of Service | PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
| Proposed Form of Order (Sale Approval and Vesting Order) - Revised February 8, 2026 | PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Proposed Form of Order (Activities, Charge, and Sealing Order) | PDF · Subscribers | |
| Proposed Form of Order (Sale Approval and Vesting Order) | PDF · Subscribers | |
| Service Letter | PDF · Subscribers | |
Sale Solicitation Process Teaser
| PDF · Subscribers | |
| Notice and Statement of Receiver with Creditor Listing | PDF · Subscribers | |
Consent Receivership Order
| PDF · Subscribers | |
| Affidavit of Max Trojan | PDF · Subscribers | |
Affidavit No. 1 of Mark Holleran
| PDF · Subscribers | |
Brief in Support of Receivership Application
| PDF · Subscribers | |
Receivership Application
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Exro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/exro-technologies-inc-tsx-exro-dpm-technologies-inc-and-cellex-energy-inc