PETERBOROUGH-Peterborough’s history of being the ‘Electric City’ has been revived once again as Community Futures Peterborough introduced its new client, ARC Motor Company, to the community and national media today.
“The passion, drive, and commitment to sustainably innovative technologies are all demonstrated through the leadership team at ARC,” says Devon Girard, Executive Director of Community Futures Peterborough. “We are so excited to reveal this company and its commitment to sustainability to the world.”
ARC is a green-tech start-up based in Peterborough that transforms and upcycles iconic classic cars into modern and powerful electric vehicles. The company says it is dedicated to producing electric vehicles with the latest technology to drive better performance and contribute to a future with net-zero emissions. Headed by CEO Sloane Paul, the first woman in North America to establish such a start-up. Community Futures Peterborough helped launch ARC with a sizable business loan.
“Not only are we grateful to the team at Community Futures Peterborough for providing us with a critical loan, but also for their invaluable expert advice and guidance,” says Sloane Paul, Founder and CEO of ARC. “Their mentorship has been instrumental in steering us—as a start-up—along the right path.”
ARC Chief Operating Officer, Tom Chep adds, “With the support of Community Futures Peterborough, we are poised to make a meaningful impact on our community’s future.”
Raised in the south end of Peterborough, Chep and Paul, the brother-sister team of ARC, have been eager to create jobs and invest in their hometown. Chep says they successfully engineered the restoration of the company’s first car, a 1974 Ford Bronco, into a fully electric vehicle using upcycled lithium-ion batteries.
“Rebuilding classic cars with clean technology is a new and exciting way to drive the future of net-zero transportation,” says the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Supporting entrepreneurs like Sloane and Tom so they can bring their incredible ideas to Canadians is exactly how our government will grow the economy and fight climate change.”
As a start-up company they say qualifying for lending from traditional banks became challenging, until Community Futures Peterborough could step in and provide lending options.
“Small-town businesses create very big ideas,” says Bryan May, Member of Parliament for Cambridge and Parliamentary Secretary to the Minister responsible for the Federal Economic Development Agency for Southern Ontario. “ARC Motor Company is an example of how great ideas get off the ground with the right supports. Our government works with businesses and the organizations like Community Futures Peterborough that support them, as they find new and innovative ways to contribute to a strong economic future for Ontario and all of Canada.”