Canadian PWC Maker Taiga Goes Public with Investor Backing
By: Scott Way
Montreal-based Taiga Motors, makers of the world's first electric PWC, will merge with a blank-check company sponsored by Canaccord Genuity Group Inc. to transition to a public company. According to Bloomberg, The move allows the burgeoning manufacturer to capitalize on investor demand for companies with growing environmental credentials.
The electric manufacturer will have an implied market cap of approx. $537 million ($422 million US) after combining with Canaccord Genuity Growth II Corp, dubbed a 'special purpose acquisition corporation.' The valuation includes a $100 million private placement with investors, which include John Risley's Northern Private Capital.
Taiga also manufacturers electric snowmobiles under the Ekko Mountain moniker to coincide with their Orca PWC's. Founded in 2015, the company operates on a environmental-based platform that promotes not only reduced fossil fuel emissions, but also reduced noise pollution as well. The company classifies the Orca PWC as having near silent operation. They also inked a deal in late 2020 with Swiss company ABB Ltd. to utilize the company's 'Terra' wallbox charging stations. Once complete, it will give Taiga an additional $185 million in net cash proceeds to pursue its growth and development.
The PWC's carry a host of other high-end tech to attract investors and boaters alike. Each machine has a top speed of 104 km/h (55 knots) and a range of 60 km or roughly 2 hours of operation from a 120 hp engine. The Orca also includes GPS mapping and speed readings, as well as LTE, Wi-Fi, and Bluetooth connection capability. The machines also boast one of the most impressive strength to weight ratios in the PWC industry, weighing only 533 lbs (242 kg).
Much like a Tesla, the Orca is made almost entirely from carbon fibre and requires no maintenance. It receives over-the-air software updates via Wi-Fi and has a five year, 20,000 kilometre warranty.
You can see the capabilities of the Orca in the video below: