A Waterloo-based company building next-generation hydrofoil boats has secured $2.7 million to bring its innovative prototype to market.
ENVGO was founded in 2021 by four Waterloo Engineering alumni: Mike Peasgood (BASc ’98 and MASc ’04, systems design engineering, PhD ’08, mechanical engineering), April Blaylock (BASc ’04 and MASc ’07, mechanical engineering), Paul Masojc (BASc ’05, mechanical engineering) and Jerry Mailloux (BASc ’01, electrical engineering). The company’s zero-emission cruiser travels above water at four times the efficiency of traditional electric boats.
The funding will accelerate the market launch of ENVGO’s NV1 cruiser as well as its industry partnership program to help traditional boat manufacturers transition to electric propulsion.
“Electric boats have always faced a tough trade-off between performance and range,” said Peasgood, CEO of ENVGO, in a company press release. “By combining hydrofoiling with smart systems design, we’ve created a vessel that cuts emissions to zero, extends range, boosts efficiency, and delivers a completely new boating experience.”
The all-equity round, led by Toronto-based Two Small Fish Ventures with participation from Waterloo-based Garage Capital, is a crucial step toward scaling ENVGO’s technology and positioning the company as a key enabler in the shift to cleaner, smarter marine transportation.