Taxelco

Taxelco
TaxiTéo

TaxiTéo

November 18, 2015 10:30 ET

Taxelco Launches Teo, a Reinvented Taxi Service for Montreal

On November 26, 50 all-electric taxis will hit the streets of Montreal

MONTREAL, QUEBEC--(Marketwired - Nov. 18, 2015) - Taxelco, a company founded by XPND Capital, is unveiling today its new all-electric taxi project, Téo, which stands for Transport Écologique Optimisé. The distinctive Téo taxis will be on the streets of Montreal starting November 26. Taxelco is currently seeking 500 Montrealers who are keen to take part in a technological trial run of this ground-breaking new service, which will change the face of the city's taxi industry.

Supported by investments that will ultimately require close to $250 million, Téo is the green economy project Alexandre Taillefer promised a year ago at the "Je vois Montréal" conference. Today, Téo will become Canada's first fleet of all-electric taxis.

"With Téo, we plan to show that a green project can be economically, socially and environmentally beneficial, while respecting all regulations," states Alexandre Taillefer, entrepreneur, investor and managing partner of XPND Capital. "In launching this service, we're doing our part to reduce greenhouse gas emissions and we're raising the visibility of Montreal, which today joins the select club of cities with an electric taxi service."

Téo: regular and business service

Montrealers will be able to choose from two types of electric taxi service: Téo Taxi, a fleet of green and white Nissan Leaf, Tesla and Kia Soul vehicles, and Téo Black, a fleet of luxurious Tesla.

"The two services will meet Montrealers' different transportation needs," says Marc Petit, CEO of Taxelco. "Téo Taxi offers a unique and highly personalized service that encourages interaction between the driver and customer. Téo Black caters mainly to a business clientele, with competitive pricing that will make it a popular service across the city."

A trial run in the streets of Montreal

Before it officially becomes part of daily life in Montreal in mid-March 2016, Téo will undergo a three-month testing period. A fleet of 50 taxis operated by some 50 drivers will be seen around the city starting November 26, 2015. Téo is currently seeking 500 Montrealers with a smartphone who would like to try out the functionalities of the mobile app and new service.

"As with any high-tech product, real-life performance is a source of crucial information," notes Marc Petit, CEO of Taxelco. "This trial run will allow us to test both the technical and technological aspects of the project, in addition to showing Montrealers how Téo is setting a new standard."

All who are interested in testing this unique service should register on the Téo website: www.teomtl.com.

A reinvented taxi service

Within a few months' time, Montrealers can expect several new technological features as part of their Téo experience. In addition to an efficient mobile app which will allow sharing a taxi ride between customers and capability to book its movements ahead of time, the electric taxi service includes a tablet with content tailored to each user profile and chosen destination. Customers will also enjoy a free Wi-Fi service in all Téo vehicles at all times and chargers will be available for their phones. To ensure the best possible customer service, the cars will be cleaned, checked and charged daily at a dedicated service centre located in Pointe-Saint-Charles.

Vehicle availability will also be optimized through the integration of geolocation data, charge cycle data and central management of peak demand periods. Customers' waiting time will be reduced to a minimum.

Téo drivers: shared values

Seeking to modernize the taxi industry in line with Montrealers' social values, Taxelco will pay a higher, guaranteed salary to Téo drivers, will offer them ongoing training, and will make a special effort to encourage women to join the team. Taxelco has carefully selected the drivers representing the Téo taxi service: "We met several hundred candidates," notes Mr. Taillefer. "We hired those who share our commitment to offer Montrealers the best service possible and to change the face of Montreal's taxi industry."

A successful gamble thanks to partners

Over the past year, a robust ecosystem has been put in place with important players from different sectors and areas of expertise. Without the major contribution of partners such as Hydro-Québec, Videotron, Quebecor Media Group, the ministère des Transports, the City of Montreal, financial institutions such as Claridge, Investissement Québec, the Caisse de dépôt et placement du Québec and National Bank, Téo would not be poised for success today.

"Hydro-Québec and the Electric Circuit are very proud to participate in Taxelco's project," says Pierre-Luc Desgagné, Vice President, Corporate Affairs and Secretary General, at Hydro-Québec. "This is a unique and innovative project we've believed in from the start. Offering an electric taxi service is an effective way to reduce greenhouse gases. Electricity will play an increasingly important role in public and private transportation, and Hydro-Québec has the assets to contribute to this trend of the future: clean, renewable energy, a reliable power distribution system, and recognized expertise."

Speaking at the Téo launch press conference, Manon Brouillette, President and CEO of Videotron, commented: "Téo shows that it is possible to reinvent a mature industry, such as the taxi industry, and take it to the next level. At the same time, it will help propel Montréal into the ranks of major green smart cities. For Videotron, it is an opportunity to contribute to an inspiring project that puts technological innovation to work for the customer and moreover was produced by a Québec team endowed with a contagious entrepreneurial spirit."

"Quebecor Media Group Out of Home is proud to be a business partner of Téo, an environmentally and socially responsible green project," said Julie Tremblay, President and CEO of Quebecor Media Group and TVA Group. "Quebecor Media Group will be able to enhance the Téo user experience by making available to the customers real-time news and a wide variety of entertainment. This partnership will also enable us to offer our advertisers new marketing solutions on an innovative communication platform that delivers targeted, personalized messages."

About Téo

Téo Taxi, a division of Taxelco, is reinventing Montréal's taxi industry. With a user-friendly mobile app, a top-notch technological platform and a fleet of all-electric vehicles, Téo Taxi offers its customers a totally new, comfortable and hassle-free taxi experience-in addition to reducing greenhouse gases! In honour of Montreal's 375th anniversary, Téo aims to bring its fleet to 1,000 green taxis by 2017. Join the conversation on Facebook and Twitter by using #TéoMTL. For further information, please visit www.teomtl.com.

About Taxelco

Taxelco is a transportation holding company created in 2015 by XPND Capital. Since last July, Taxelco owns Taxi Hochelaga and it is currently the sole investor in Téo. Taxelco seeks to consolidate traditional businesses to help them to migrate towards an innovative model, enabling all stakeholders, customers, drivers and investors to benefit from that new vision.

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