Taiga secures additional working capital through EDC
by CM Staff
Taiga says that their 2023 production totaled 1,056 vehicles, demonstrating a significant growth in production capacity over the 133 vehicles produced in 2022.
MONTREAL — Taiga Motors Corporation announced that Export Development Canada has agreed to upsize its existing senior secured credit facility available to Taiga by providing up to approximately $5.25 million of additional funding for working capital and general corporate purposes through an amended and restated loan agreement, such as supporting its omnichannel retail and dealer network growth.
“EDC’s continued support of and confidence in Taiga comes at an important time as we ramp up the sales of our award-winning electric personal watercraft (PWC) and snowmobiles in North America and key global markets. The Upsized EDC Credit Facility will enable Taiga to better manage its working capital and to support our network growth as we continue to expand our international sales and operations.” stated Sam Bruneau, CEO and Co-Founder of Taiga.
Taiga has drawn down $3.75 million of additional funding under the Upsized EDC Credit Facility. In addition, EDC may decide, in its sole discretion, whether to advance to the Company up to $1.5 million of additional funding under the A&R Loan Agreement. Borrowings under the Upsized EDC Credit Facility bear interest at the prevailing annual Canadian prime rate plus 7.00% and they mature and are repayable on December 31, 2024.
During the fourth quarter of 2023, Taiga says they continued to make progress on further ramping up operations, producing 417 units, its highest throughput in a quarter notwithstanding a line change from PWC to Snowmobile and the Annual Holidays shutdown. During the quarter, Taiga produced 243 OrcaTM PWC and 174 NomadTM snowmobiles. Taiga says that their 2023 production totaled 1,056 vehicles, demonstrating a significant growth in production capacity over the 133 vehicles produced in 2022.
