Taiga Announces $50M in Government Support for Electric Vehicle and Battery Assembly Facility
- $50M in combined support from federal, provincial and municipal governments of Taiga's Mass-Production Facility for electric snowmobiles, watercrafts, battery packs and powertrain systems in Shawinigan, Quebec.
- Utilizing cutting-edge technology, the most advanced high-volume electric powersport production facility in the world is expected to begin operations in second half of 2022.
- Once fully operational, the facility will have an annual production capacity of up to 80,000 units and 3 gigawatt-hours in battery pack and module production.
SHAWINIGAN, QC, July 12, 2021 /PRNewswire/ - Taiga Motors Corporation ("Taiga") (TSX: TAIG), a leading manufacturer of electric off-road vehicles announced today the raise of a combined $50M in support of the Shawinigan Mass-Production Assembly Facility.
The project and development represent an investment of approximately $125,17 million. Taiga will benefit from support by all levels of governments to a combined $50 million ($10 million in federal funding, $30 million in provincial funding, and $10 million in municipal funding.) With the development of the new facility, Taiga predicts that it will accelerate production of its off-road vehicle platforms and powertrains while simultaneously optimizing and automating the battery production. Given the company's approach of clean-sheet engineering of power units and vehicle platforms, this new manufacturing capability will have direct impact on off-road vehicle transportation and the environment.
The Minister of Innovation, Science and Industry, the Honorable François-Philippe Champagne, the Minister of Finance and Minister of Economy and Innovation, Mr. Eric Girard, the Minister of Labor, Employment, and Social Solidarity, Mr. Jean Boulet, and the City of Shawinigan Mayor, Mr. Michel Angers, made the announcement today, accompanied by Mr. Samuel Bruneau, CEO and co-founder of Taiga.
A Milestone for Taiga and Off-Road Electrification
An industry first for electric powersports, the facility will employ a vertically integrated and modular approach, leveraging the proprietary software and hardware technology platform commonalities across vehicle builds for increased economies of scale and reduced development times for new vehicles.
Advancements in automated manufacturing have allowed Taiga to innovate in electric powertrain production processes that will drive down costs to accelerate electrification in the off-road sector. The highly advanced high-volume powersport production facility is expected to become operational in the second half of 2022 with manufacture of Taiga personal watercrafts and snowmobiles, alongside built-in flexibility for new off-road vehicles as they are brought to market. In parallel with vehicle production, the Shawinigan facility is capable of an annual production of three (3) gigawatt hours in battery modules and packs.
Shawinigan is a growing dynamic Canadian electrification hub and supports a robust supply chain network across Quebec. The projected is expected to create 370 high quality jobs and to develop a local supply chain of materials and components.
Quotes
"Our government is supporting the country's businesses as they become global leaders in the manufacture of green vehicles, creating dependable jobs. Taiga Motors' arrival in the Mauricie region is a key part of our efforts to enable the region to participate fully in the economic recovery by showcasing local talent. Our government will continue to support businesses so they can participate in efforts to build a clean-growth economy, including by investing in the manufacture of carbon neutral vehicles."
– The Honourable François-Philippe Champagne, Member of Parliament for Saint Maurice Champlain and Minister of Innovation, Science and Industry
"Innovation is at the core of our government's priorities, and we proudly support projects such as the one by Taiga Motors, which will contribute a cleaner environment. By driving a new 100% electric sector of activity in Quebec, the project is fully in line with our recovery plan for a sustainable, green, and innovative economy. Taiga Motors' values also align with our priorities around electrifying transportation, the fight against climate change and structural regional economic development. By leveraging this innovative project in Shawinigan, we are also investing in the well-being of future generations."
– The Honourable Mélanie Joly, Member of Parliament for Ahuntsic‒Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
"Taiga has the potential to position itself advantageously in the growing market for electric vehicles. Its project is in line with our desire to invest in this manufacturing sector to ensure Quebec's transition to the electrification of transportation. This is how we will achieve our greenhouse gas reduction objectives and build a new, greener, more prosperous and sustainable economy."
– Eric Girard, Minister of Finance and Minister of Economy and Innovation
"The popularity of electric vehicles is growing rapidly worldwide. Taiga, which specializes in recreational vehicles, has everything it takes to position itself advantageously in the market. By building its new plant in the Mauricie region, the company will be able to benefit from our stimulating business environment and our qualified workforce to pursue its growth."
– Jean Boulet, Minister of Labour, Employment and Social Solidarity and Minister responsible for the Mauricie region
"Taiga has been a source of pride in the Mauricie region since its creation in 2015, at the Centre d'entrepreneuriat Alphonse-Desjardins in Shawinigan. This avant-garde company is now shifting into high gear with this ambitious project. The establishment of its new plant in Shawinigan will allow our region to further develop its expertise in the transportation electrification sector and will contribute to a strong boost to the Mauricie economy."
– Marie-Louise Tardif, Member for the Laviolette-Saint-Maurice and Parliamentary Assistant to the Minister of Forests, Wildlife and Parks (Forestry)
"This factory will allow Taiga to become the first Canadian EV manufacturer to integrate both automated powertrain assemblies and electric vehicle platforms under one roof for greatly increased efficiency. Thanks to the financing provided by the federal, provincial and municipal governments, we will be able to rapidly increase manufacturing capacity while continuing to drive innovation so that Quebec and Canada can remain leaders disrupting the global powersports market towards a more positive future of outdoor exploration without compromise."
– Samuel Bruneau, CEO and Co-Founder, Taiga
About Taiga
Taiga is a Canadian company, founded in 2015, that is reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications that outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing recreational and commercial demand for those who are seeking better ways to explore the great outdoors without compromise. For more information, visit https://www.taigamotors.ca
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements with regards to the anticipated performance of the Shawinigan Facility, the expected production times and customer demand for Taiga's products. Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the effective functioning of the configurator, further supply chain disruptions, and the impact of such disruptions on ability to fulfil orders, and those described under "Risk Factors" in the final non-offering prospectus dated March 26, 2021, of Taiga (formerly Canaccord Genuity Growth II Corp.).
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
All forward-looking statements included in this news release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this news release, and except as required by applicable law, Taiga does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Taiga Motors Corporation
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