Montreal will be getting 200 more Téo Taxis on the road thanks to a multi-million dollar investment from institutional and private partners.
Taxelco announced today that Caisse de Dépôt et placement du Québec, the Fonds de solidarité FTQ, Fondaction, and XPND Capital are investing the $17 million into the electric taxi fleet.
The money will go towards technological development, and will help purchase 200 electric vehicles, and hire approximately 600 drivers and support workers.
“Our investing partners are reaffirming their confidence in Téo Taxi and its vision of reinventing the taxi industry. Their substantial investment will enable Téo Taxi to provide a service that can finally meet Montrealers’ expectations,” said Alexandre Taillefer, founder of Taxelco, in a statement.
The Téo Taxi division of Taxelco describes itself as “reinventing taxi service in Montréal.” The service allowers Montrealers to find a taxi using the Téo app or on the street.
Taxelco says its goal is to”position Montréal as a green and forward-looking city with urban transport modes that are vectors of economic development, and reflect the company’s unique and innovative character.”