Stewart Wilkinson now owns electric off-road vehicle manufacturer, Taiga, after its July bankruptcy protection filing

Taiga Motors, a Montreal-based electric personal watercraft and snowmobile manufacturer, has been bought by UK entrepreneur, Stewart Wilkinson.

The deal comes four months after Taiga declared insolvency and sought bankruptcy protection this July.

The deal brings Taiga into Wilkinson’s international suite of marine electrification brands: high-profile electric yacht maker Vita (which he founded); Norway’s electric boat motor systems developer, Evoy (which merged with Vita this summer), and London-based global marine charging network, Aqua superPower.

In a press release announcing the deal, the principals claim “the alliance will create a strong end-to-end ecosystem to deliver industry-leading electric propulsion systems and vehicles to a broad range of recreational and commercial customers worldwide.”

Strong technology, weak numbers

Taiga Motors launched in 2015. It offers three all-electric products: the Orca and Orca Carbon watercrafts and the Nomad snowmobile.

Despite award-winning technology and vehicle design and a growing presence in the electric off-road marketplace, the company experienced a $72.5 million loss in 2023, pushing the cumulative red ink to more than $200 million over the past three years.

Earlier this year the company announced it would be restructuring its operations, shrinking its offerings and reducing operating expenses by cutting employees. Despite these measures, in June 2024, the company’s CEO and co-founder Samuel Bruneau confirmed Taiga would apply for protection from creditors.

Quick rescue

Taiga announced it had been acquired by Wilkinson, after the Superior Court of Québec approved the deal last week.

The terms of the transaction are not public. However, the Wilkinson family office says it will assume Taiga’s debt to Export Development Canada. It is also committing to funding Taiga’s business plan.

“We founded Taiga with the mission to make sustainable recreation accessible to everyone,” said Samuel Bruneau, the CEO and co-founder of Taiga, in an announcement about the acquisition.

“By combining Taiga’s technology and mass production expertise with the group’s leading position in marine electrification, we will achieve greater economies of scale to deliver high-performance products at compelling prices to accelerate the electric transition.”

In the near term the investment allows Taiga to rebuild its Canadian operations and rehire its workforce. It will also benefit from the resources, technologies and global network of suppliers and vendors offered by Wilkinson’s portfolio.