Taiga Motors acquired by marine EV group

Taiga Motors Corporation has announced that, in connection with the proceedings initiated in July 2024 under the Companies’ Creditors Arrangement Act (Canada) (CCAA), the Superior Court of Québec has apporved the acquisition of Taiga and its subsidiaries by Stewart Wilkinson.

Stewart Wilkinson’s group controls marine electrification brands, including Vita, Evoy, and Aqua superPower. This strategic move positions Taiga to leverage a newly combined global footprint to continue driving the adoption of electric vehicles beyond the road, ensuring a sustainable future for recreational and commercial activities in both the marine and powersport sectors.

“We are excited to support the evolution of Taiga,” says Stewart Wilkinson. “Sam and his team have built great products and technology in challenging financial markets. The world urgently needs low-carbon solutions for all forms of mobility. This transaction will allow us to continue building the best technology, team, and products to propel the industry forward.”

New Era

The alliance between Taiga, Vita, Evoy, and Aqua superPower will create a strong end-to-end ecosystem that delivers electric propulsion systems and vehicles to a broad range of recreational and commercial customers worldwide.

“We founded Taiga with the mission to make sustainable recreation accessible to everyone,” says Samuel Bruneau, the CEO and co-founder of Taiga. “Over the past years, we developed and built what no other manufacturer was willing or able to achieve – the foundational technology required to drive mass market adoption. This business combination now gives us the scale and resources needed to deliver on our vision. Combining Taiga’s technology and mass production expertise with the group’s leading position in marine electrification will achieve greater economies of scale to deliver high-performance products at compelling prices to accelerate the electric transition.”

Evoy and Vita are marine technology specialists that develop high-performance, fast-charging electric propulsion systems for commercial and recreational marine applications. Evoy’s high output of 100-400 horsepower inboard and outboard offers instant plug-and-play solutions for the mass market, while Vita offers design and integration services for the specific requirements of transport and tender electrification projects.

Global Reach

The acquisition creates a positive path forward for Taiga Motors, strengthening its operations in Canada, persevering jobs, and enabling continued delivery of its electric snowmobiles and personal watercraft. Taiga’s advanced production facility in Montreal, Quebec, with an installed capacity of up to 8,000 combined units per year, will enable the delivery of electric powertrain components to global boat manufacturers alongside Taiga’s electric vehicles.

The group can now scale its operations and distribution globally with state-of-the-art production facilities and innovation centers strategically located across North America and Europe, including key sites in Montreal, the UK, Italy, and Norway.

Transaction

The financial terms of the transaction were not disclosed. However, Wilkinson has agreed to assume Taiga’s debts. Wilkinson has committed to providing working capital funding for Taiga’s business plan as the most senior secured lender and the sole provider of interim funding to Taiga under the CCAA proceedings.

Norton Rose Fulbright Canada LLP represented Stewart Wilkinson as legal counsel to Taiga, Lavery, de Billy, L.L.P., while Fasken Martineau Dumoulin advised the monitor.