The Quebec manufacturer has won plaudits from powersports fanatics for its all-electric snowmobiles and watercraft, but can the visionary startup go the distance with a cash-crunch looming?
began doing demonstrations of its all-electric snowmobiles and watercraft several years ago, the Quebec manufacturer has won plaudits from powersports fanatics and award-givers alike for bringing a dose of climate consciousness to an industry hooked on revving engines.
“The pressure is really on us right now to be ramping up production,” Taiga founder and chief executive Samuel Bruneau said in an interview. “It’s going to take more investments along the way, as we disclosed. But we’re seeing really strong investor interest behind off-road electrification and behind Taiga in particular.”
By last November, when Taiga published third-quarter results – its most recent earnings report – its cash position had dwindled to $31-million. After the quarter closed, it secured access to another $10-million under a $50-million government support program announced for the company in July, 2021. ended Sept. 30, shipping out 40 Orca personal watercraft in addition to Nomad snowmobiles – its first commercial product. Quarterly revenue broke the $1-million mark for the first time. And Mr. Bruneau says he believes his team has a good handle now on the manufacturing trouble.
Meanwhile, the company continues to earn acclaim for bringing change to an industry that’s often been in denial over its impact on the environment. Both Taiga vehicles landed on TIME Magazine’s Best Inventions of 2022 list. Earlier in the year, Fast Company named Taiga a winner of its World Changing Ideas Awards.
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