Electric jetski maker taking off with merger and $100M investment
Electric personal watercraft maker, Taiga Motors, plans to go public via a merger with a company sponsored by Canaccord Genuity Group Inc., taking advantage of investor demand for companies that highlight their environmental credentials, according to Bloomberg.
Montreal-based Taiga Motors makes electric recreational vehicles including Orca jet skis and Ekko Mountain snowmobiles that are meant to create a smaller environmental impact than rival products that run on fossil fuels.
Taiga will have an implied market capitalisation of about C$537 million (£302 million) after the coupling with the Canaccord Genuity Growth II Corp., a special purpose acquisition corporation (SPAC). That valuation includes a C$100 million (£56 million) private placement to fund Taiga’s growth strategy, working capital and general corporate purposes, including speeding up its existing production capabilities to fulfill pre-orders for vehicles, and moving ahead with plans to expand output.
The company currently has a 50,000-square-foot facility in Montreal and expects to boost its production to 2,000 vehicles a year by the second half of 2021. Taiga also plans to build a 340,000-square-foot factory that will enable it to build 60,000 vehicles and 20,000 powertrains a year.
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