Taxelco, a company founded by XPND Capital, has just unveiled Téo , Canada’s first all-electric taxi service. Some 50 vehicles have hit the streets of Montréal, which should have 2,000 vehicles and 350 fast charging stations by 2019. “In launching this service, we’re doing our part to reduce CO2 emissions and raise the visibility of Montréal, which today joins the select club of cities with an electric taxi service,” says Alexandre Taillefer, entrepreneur, investor and managing partner of XPND Capital.
Téo will eventually require a total investment of $250 million to be financed by XPND Capital’s partners, including Investissement Québec, which has injected $10 million into the XPNDCROISSANCE fund . “Each year, we invest in over 80 Québec funds,” explains Pierre Gabriel Côté, President and CEO of Investissement Québec. “Our support of the XPNDCROISSANCE fund lets us contribute indirectly to the Téo project, which fits with our goal of supporting initiatives with great growth potential, especially those involving green technologies and sustainable transport.”
The cabbies hired by Téo drive vehicles whose use is managed in real time by embedded telematics and geolocation technologies. These technologies optimize vehicle availability by integrating geolocation and charge cycle data and centralizing management of peak periods.
Téo taxis will officially hit the streets in mid-March 2016. Until then, Téo will undergo a trial run during which 500 people will try out the service and the features of its mobile app. The app allows customers to share a ride and book travel ahead of time.
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