PHOTO COURTESY TAIGATaiga Motors, manufacturer of the Orca electric personal watercraft and electric snowmobiles, has entered into a $15 million secured term loan agreement with Export Development Canada. The funding will go toward supporting the company’s goal of producing a combined 1,000 vehicles this year.
“EDC’s support is welcomed as Taiga expands deliveries of its award-winning electric personal watercraft and snowmobiles to consumers in Canada, the United States and eventually across the globe,” CEO and co-founder Sam Bruneau said in a statement. “The term loan allows added flexibility for Taiga to better manage its working capital.”
The loan bears interest on drawn funds at the annual rate of the prevailing Canadian prime plus 5%, and provides for advances over a nine-month draw-down period. The first draw was Oct. 4, and the loan matures Feb. 10, 2028.
The company said it produced 639 Orca units in the first nine months of 2023. Production cycles to snowmobiles in November, with total production of 1,000 units this year.
