R&D initiative established in Canada

January 28, 2016 - Philippe Couillard, who is the Premier of the Province of Québec [Canada] has just announced that a total of C$16M in government financing will be made available to support an innovative R&D initiative – in partnership with PSA Peugeot Citroën, Hydro-Québec subsidiary IndusTech, Exagon Motors, Investissement Québec – to share expertise in the field of high-performance electric vehicle components. The grand announcement was made at the 2016 World Economic Forum in Davos, Switzerland, held on January 20-23.
This government contribution consists of C$10M equity interest along with a C$6M loan. Also, Hydro­Québec will be making a contribution of C$4M in addition to the services offered by its subsidiary TM4 to help with the development of an electric motor.
PSA Peugeot Citroën will lend its expertise in integrating the electric vehicle components, for which it could become the main customer for global distribution.
Exagon Motors is a pioneer in high-performance electric powertrains, and designs, assembles, and fine-tunes electric vehicles for the racetrack, as well as developing innovative technological platforms for various equipment manufacturers.​