Effenco Development raises 10M CAD in funding
Effenco Development raises 10M CAD in funding

Montreal-based truck electrification startup Effenco Development announced in September 2020 that it has raised 10M CAD in a funding round that closed on July 31, 2020. The round was led by an undisclosed existing investor. Additional investors include Business Development Bank of Canada (BDC), the Center of Excellence in Energy Efficiency, Investissement Québec and David Arsenault (founder and president of Effenco).

Proceeds from the funding round will be used to add 25 new employees to its team. It will also enable the startup to open a new office in Kongsberg, Norway to expand its reach in the European region.

Benoit Lacroix and David Arsenault founded the startup in 2006. Effenco Development has built an electric hybrid “active stop-start” technology designed to enhance energy efficiency on heavy trucks and diminish their greenhouse gas emissions by almost 30 percent. The startup’s present technology electrifies the momentum and on-board equipment of professional heavy-duty trucks, using an ultracapacitor-based technology.

David Arsenault was quoted to say, “The economic recovery will take place through sustainable development. Now more than ever, it is necessary to make choices that combine the economy and the environment. This financial support demonstrates the confidence our investors have in our technology and our growth plan. Economic development and the fight against climate change go hand in hand, and our announcement today confirms this.”

The startup uses the database that is collected throughout millions of hours of automobile operation and afterward utilizes it in its exclusive algorithms that guarantee its electrification systems are displaying strong performance across an extensive roster of vehicles.

Apart from Canada, Effenco Development also offers its services in the United States and Europe and has lately completed a disposition in France.

Benoit Forcier, director of BDC’s cleantech department said that Effenco’s technology has been tried and tested in various parts of the world as demonstrated by its recent successful deployment in France. He went on to add that David and his team’s inclusion of the best ecofriendly practices in the transportation industry are reaching newer heights today.

We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cove
r and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

next story

LEAVE A REPLY

Please enter your comment!
Please enter your name here