During the 2016 World Economic Forum in Davos, Quebec Premier Philippe Couillard announced that CAD 16 million in government financing would be made available to support an innovative research and development initiative, in partnership with PSA Peugeot Citroen, Exagon Motors, Investissement Quebec and Hydro-Quebec subsidiary IndusTech, to share expertise in the field of high-performance electric vehicle components.
The government’s contribution will be made up of a CAD 10 million equity interest and a CAD 6 million loan. Hydro-Quebec will also be contributing CAD 4 million to the project, in addition to the services offered by its subsidiary TM4 to help with the development of an electric motor.
The resulting joint venture will bring together PSA Peugeot Citroen, French SME Exagon Motors, Investissement Quebec and Hydro-Quebec subsidiary IndusTech. Its first mission will be to conduct a feasibility study for an estimated CAD 30.8 million. In an initial phase, the study could lead to the development of components for high-performance electric vehicles.
PSA Peugeot Citroen would lend its expertise in integrating the electric vehicle components, for which it would become the main customer for worldwide distribution. “The agreement with Investissement Quebec, Exagon Motors and Hydro-Quebec demonstrates that we have the agility to seize every available opportunity to boost our technological lead,” said Carlos Tavares, Chairman of the PSA Managing Board. “The partnership also underscores our interest in developing parts for high-performance hybrid and electric vehicles.”
Exagon Motors, a pioneer in high-performance electric powertrains, designs, assembles and fine-tunes electric vehicles for the racetrack, and develops innovative technological platforms for various equipment manufacturers. “I am really looking forward to this unique partnership, which will enable us to deliver a technology that meets both performance and environmental criteria, without taking the fun and excitement out of driving,” said Luc Marchetti, Chairman of Exagon Motors. “This amazing adventure, which got started here at Exagon, is taking shape thanks to the unwavering commitment of the partners, especially PSA Peugeot Citroen and Investissement Quebec, which has been a real catalyst for the project.”
“My government intends to make Quebec a standard-bearer in the campaign to electrify transport,” said Quebec Premier Philippe Couillard. “Our commitment to the project announced today and our 2015-2020 Transportation Electrification Action Plan are another milestone in the drive to develop the electric car sector, and they will help to spread a culture of innovation throughout Quebec.”
