Premier of Québec, Canada, Philippe Couillard has announced that C$16m in government financing will be made available to support an innovative R&D initiative – in partnership with PSA Peugeot Citroën, Exagon Motors, Investissement Québec and Hydro-Québec subsidiary IndusTech – to share expertise in the field of high-performance electric vehicle components. The announcement was made at the 2016 World Economic Forum in Davos, Switzerland, held on January 20-23.
The government’s contribution will be made up of a C$10m equity interest and a C$6m loan. HydroQuébec will also be contributing C$4m to the project, in addition to the services offered by its subsidiary TM4 to help with the development of an electric motor.
PSA Peugeot Citroën will lend its expertise in integrating the electric vehicle components, for which it could become the main customer for worldwide distribution.
Exagon Motors is a pioneer in high-performance electric powertrains, and designs, assembles and fine-tunes electric vehicles for the racetrack, as well as developing innovative technological platforms for various equipment manufacturers.
January 26, 2016
