Taxelco, a Montreal based startup, announced yesterday the acquisition of Taxi Hochelaga, the second largest taxi company in Montreal with a fleet of 500 cars and 1,000 drivers. This is a major step in the company’s plan to eventually operate an important fleet of fully electric taxis in Montreal.

Taxelco is a startup created by a venture capitalist firm, XPND Capital, in order to consolidate the taxi industry in Montreal and to facilitate its transition from fossil fuels to being battery-powered.

The company will launch a pilot project with 50 electric vehicles starting in November.

XPND is led by Managing Partner Alexandre Taillefer, an investor and currently one of the 5 Dragons on the Dragon’s Den (Canadian version of Shark Tank). Taxelco is not XPND’s only company involved in the transition to electric transport. Earlier this year, the private equity firm invested in Autobus Lion, a bus manufacturer currently developing an electric school bus platform.

Picture: fleet of Tesla Model S taxi in Amsterdam.

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