A Saint John company is getting federal support to roll out a first-of-its-kind electric vehicle motor system.
Victory Advanced Technologies (VAT) has received just over $400,000 from the Atlantic Canada Opportunities Agency.
Federal officials visited the Saint John facility on Friday to officially announce the funding.
“Victory Advanced Technologies is poised to develop technology that represents a transformational change in clean tech,” said Saint John-Rothesay MP Wayne Long.
“The company’s vision is an example of innovative thinking and I’m so excited to see this kind of creativity and entrepreneurship happening right here in Saint John.”
Founded in 2021, VAT builds magnet-free electric motors with integrated power electronics. Officials said it offers a sustainable, ethical alternative to other motors currently on the market as it does not use rare earth minerals.
Steve Belyea, the company’s CEO, said it will use the funding to hire more technical staff to design, manufacture, and distribute the motor worldwide.
“We have experienced firsthand the hard work and customer-centric ‘Maritime’ attitude that wins global market share, and we wouldn’t want to be anywhere else,” said Belyea.
