Taiga Obtains Court Approval of Restructuring Acquisition Transaction with Backer of Leading Electric Marine Group
MONTREAL, Oct. 10, 2024 (GLOBE NEWSWIRE) — 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 end-to-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 well-positioned 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.
About the Transaction
The financial terms of the Transaction are confidential, however, among other matters, the Purchaser has agreed to assume and guarantee Taiga’s indebtedness to Export Development Canada, Taiga’s most senior secured lender and the sole provider of interim funding to Taiga under the CCAA proceedings, and Mr. Wilkinson has committed to provide working capital funding for Taiga’s business plan.
For further information regarding the CCAA proceedings, please contact Deloitte Restructuring Inc., the Court-appointed Monitor of Taiga and its subsidiaries by telephone at 514-393-5917, or by email at taiga_motors@deloitte.ca. Its website address is https://www.insolvencies.deloitte.ca/. Closing of the transaction is expected to occur in the near term and is conditional only on Taiga receiving certain orders from the Canadian securities regulatory authorities.
Norton Rose Fulbright Canada LLP acted as legal counsel to Taiga, Lavery, de Billy, L.L.P. represented Stewart Wilkinson, while Fasken Martineau Dumoulin advised the Monitor.
About Taiga
Taiga is a Canadian company reinventing the powersports experience with revolutionary electric powersports vehicles. Through a clean-sheet engineering approach Taiga has pushed the frontiers of electric technology to achieve the extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The product lineup currently includes electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com.
Press Contact: Chloe Beaulieu, press@taigamotors.ca
About Evoy and Vita
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 100-400 HP inboard and outboard offer 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. With a peak power of 600HP, Vita Power systems have also been incorporated into the first fully electric superyacht tenders and in collaboration with Maserati on a high-end electric dayboat.
Compatible with high-speed DC charging, Evoy and Vita systems are among the fastest charging on the market, supercharging from 10%-90% in under an hour.
Vita also produce fully electric 5.5m and 7m RIBs that are designed for port, marina, coastguard, and sport club operations. Vita was the sole supplier of electric boats to the Paris 2024 Olympic Games, setting a world record by providing the largest fleet of electric boats ever assembled for working purposes.
For more information visit:
www.vita-power.com
www.evoy.no
About Aqua superPower
Aqua superPower is the first fully marinized dockside global network of fast charging stations for electric boats. The product range includes AC and DC charging solutions allowing DC compatible powerboats to rapidly recharge and extend their autonomy. Aqua superPower has developed the first supercharger specifically engineered and rated for use in marine environments. Built to IP65 standards, Aqua superPower is a revolutionary and sustainable marine charging solution. For more information, visit aqua-superpower.com.
SOURCE: Taiga Motors Corporation
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df24191a-3d51-4734-b2ac-dfd63ff40f85
