Investissement Québec has entered a joint business venture with PSA Peugeot Citroën, France-based Exagon Motors and IndusTech, a Hydro-Québec subsidiary, to intensify research and development on components for high-performance electric vehicles.
Investissement Québec has acquired a $10-million stake in the company, which has also been awarded a $6-million loan.
“When we met with Exagon Motors and PSA Peugeot Citroën, it was immediately apparent that Québec was well positioned to help them get their project off the ground,” said Pierre Gabriel Côté, President and CEO of Investissement Québec. “Our clean, renewable energy, our strong industrial base in transportation and, most importantly, the state-of-the-art expertise we have developed in aerospace were major assets in carrying out this exceptional undertaking.”
“I am delighted to have this unique partnership, which will create technologies that combine performance, environmental protection and the sheer excitement of driving,” said Exagon Motors President Luc Marchetti. “It is a wonderful adventure that began here at Exagon and is now coming to life thanks to the relentless determination of all the partners, especially PSA Peugeot Citroën and Investissement Québec. Investissement Québec in particular has been a real catalyst for the project.”
This promising initiative will enable key stakeholders in the global automotive industry to develop cutting-edge expertise. The Québec government has just provided $420 million in funding to promote electric transportation in the province, support the industry’s continued growth and ensure conditions are conducive to the use of electric vehicles.
Learn more about the electrification of transportation in Québec.