Taiga obtains approval of restructuring acquisition transaction with backer of electric marine group
by Taiga Motors 13 Oct 2024 03:44 NZDT
Taiga and Vita electric watercrafts in the San Francisco Bay © Taiga Motors
Taiga Motors Corporation (Taiga) today announced that, in connection with the proceedings initiated in July 2024 under the Companies' Creditors Arrangement Act (Canada) (CCAA), the Superior Court of Québec (the Court) has issued an order approving the acquisition of substantially all of the business of Taiga and its subsidiaries (the Transaction) by Stewart Wilkinson (the Purchaser).
Stewart Wilkinson's family office is behind the global leading group of marine electrification brands that include Vita, Evoy, and Aqua superPower. This strategic move positions Taiga to leverage significant resources, technologies and 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 marine and powersport sectors.
"We are excited to support the evolution of Taiga," said 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."
Powering a new era of electrification
This transaction marks a transformative moment in the evolution of electric marine and powersports vehicles at a pivotal time when the powersport industry is facing significant headwinds. The alliance between Taiga, Vita, Evoy, and Aqua superPower will create a strong endto-end ecosystem to deliver industry-leading 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," said 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. By combining Taiga's technology and mass production expertise with the group's leading position in marine electrification, we will achieve greater economies of scale to deliver high-performance products at compelling prices to accelerate the electric transition."
Expanding global reach with technological leadership
The acquisition creates a positive path forward for Taiga, strengthening its operations in Canada, persevering jobs and enabling continued delivery of its award-winning 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 delivery of cost-leading electric powertrain components to global boat manufacturers alongside Taiga's electric vehicles.
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, the group is wellpositioned to scale its operations and distribution globally. This depth of knowledge, combined with cutting-edge technology and manufacturing capabilities, positions Taiga as a leader in innovation, performance, and the future of electric recreational vehicles.