After what Haywood analyst Colin Healey described as a "significant progress milestone", Exro Technologies (Exro Technologies Stock Quote, Chart, News, Analysts TSX:EXRO) is keeping the firm's very bullish price target. Calgary-based Exro Technologies develops and commercializes patented coil driver technology and proprietary system architecture for power electronics. In particular, the company is focused on its patented Coil Driver technology, which the company is marketing to reduce the cost and complexity associated with deploying electric vehicle infrastructure at scale. On Tuesday, the company announced it had begun the process to obtain Underwriter Laboratories certification for its energy storage system, powered by its patented Battery Control System technology. "Our patented cellular level battery control offers a reliable solution to power a system that is not only cost-effective, but also helps to prevent thermal runaway making it a safe, dependable option for commercial and industrial applications," said CEO Sue Ozdemir. "Energy storage in the U.S. has become a booming billion-dollar annual market, but there are not enough available batteries to meet demand due to raw materials shortages and competition with the EV market. We are maximizing battery lifespans and helping to advance battery recycling with our ESS to provide low-cost energy storage solutions that support the grid of the future." In a research update to clients yesterday, Healey said this is a major milestone for Exro in its path to commercialization, noting that the process is expected to take about nine months. He added that this submission open the door for in field validation work, where the company can gather critical data for sales and marketing efforts. Healey has maintained his "Buy" rating and one-year price target of $5.00 on Exro, which implied a return of 276 per cent at the time of publication. Healey believes Exro will post EBITDA of negative $22.5-million on revenue of $1.5-million in fiscal 2022. He expects those numbers will improve to an EBITDA loss of $16.7-million on a topline of $40.0-million the following year.