Montréal, January 21, 2016 – Montréal International welcomes the decision of French firms PSA Peugeot Citroën and Exagon Motors to locate in Greater Montréal and set up a joint venture in partnership with Investissement Québec and Hydro-Québec subsidiary IndusTech to share expertise in the field of high-performance electric vehicles. The first item on the joint venture’s agenda will be to conduct a pre-feasibility study for an estimated $30.8 million. In an initial phase, the study could lead to the development of components for high-performance electric vehicles.
The announcement was made at the World Economic Forum in Davos by Québec Premier Philippe Couillard, joined by Jacques Daoust, Québec’s Minister of the Economy, Innovation and Exports, and the Honourable Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development.
The innovative R&D initiative will receive C$16 million in government support, including a
$10-million equity investment and a $6-million loan. Hydro-Québec will also contribute $4 million to the project in addition to the services provided by its subsidiary, TM4, to help with the development of an electric motor.
PSA Peugeot Citroën would lend its expertise in integrating electric vehicle components, and become the main customer for worldwide distribution. Exagon Motors—a pioneer in
high-performance electric powertrains—designs, assembles and develops electric race cars, and builds innovative technology platforms for original equipment manufacturers (OEMs).
“Using clean, renewable energy is one of the best ways to foster economic growth in Québec and Greater Montréal,” said Hubert Bolduc, President and CEO of Montréal International. “The arrival of players such as PSA Peugeot Citroën and Exagon Motors is a powerful example of our determination to position Québec and Greater Montréal as world leaders in promoting electric transportation and fighting climate change,” he added.
To learn more about Québec’s 2015-2020 Transportation Electrification Action Plan, go to http://www.transportselectriques.gouv.qc.ca/en/