Victory Advanced Technologies driving change in the electric car industry
News release
March 15, 2024· Saint John, New Brunswick · Atlantic Canada Opportunities Agency (ACOA)
Developing a competitive clean energy sector will strengthen the economy, create jobs, open new market opportunities, and build a viable future for all Canadians. That is why the Government of Canada is supporting Victory Advanced Technologies (VAT), a Saint John-based company specializing in a high-performance, electric drive system.
Today, Wayne Long, Member of Parliament for Saint John – Rothesay, announced an investment of $400,223 in VAT through ACOA’s Regional Economic Growth through Innovation (REGI) program. The announcement was made on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA.
The funding is helping VAT acquire the expertise, tools and equipment to commercialize and manufacture their high-efficiency, carbon-negative electric motor system at the company’s Saint John facility. Designed for harsh environments like the Canadian climate, VAT’s rugged e-system will offer a sustainable, ethical alternative to other electric motors on the market today, and will serve the automotive, aerospace and marine industries.
Today’s announcement highlights how the Government of Canada is contributing to Atlantic Canada’s momentum by strengthening communities, creating new opportunities, and setting the stage for a strong, sustainable future.
Quotes
“Atlantic Canadians have always been known for their entrepreneurial spirit, big ideas and bold vision. When we invest in game-changing projects like Victory Advanced Technologies, we’re helping businesses seize opportunities and create good paying jobs, all while making a positive impact in the fight against climate change – and that’s a win for all Canadians.”
- The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA
“Victory Advanced Technologies is poised to develop technology that represents transformational change in clean tech. 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.”
- Wayne Long, Member of Parliament for Saint John-Rothesay
"We deeply appreciate ACOA’s investment in our company. Victory will grow the business here in Saint John hiring more technical staff to design, manufacture, distribute, and support our products around the world. 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.”
- Steve Belyea, CEO, Victory Advanced Technologies (VAT)
Quick facts
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Incorporated in November 2021 Saint John based Victory Advanced Technologies (VAT), is designing and manufacturing a new category of powertrain that strives to be one of the world’s toughest, most durable, sustainable and ethically sourced EV motor.
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VAT differentiates themselves by not using rare-earth minerals. In 2020, the global market for electric motors was valued at USD $106.3 billion and is expected to double by 2030. Large manufacturers can’t keep up with demand, partly due to global shortages in components, which are made of rare earth minerals.
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ACOA’s contribution is through the Regional Economic Growth through Innovation (REGI) program, which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.
Associated links
Contacts
Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca
Ann Kenney
Senior Communications Officer
Atlantic Canada Opportunities Agency
Ann.kenney@acoa-apeca.gc.ca
Steve Belyea
CEO
Victory Advanced Technologies (VAT)
506-647-7889
sbelyea@victoryadvancedtech.com
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