Waterloo company hopes to revolutionize industry with ‘flying boat’
Posted Jun 17, 2025 01:54:29 PM.
Last Updated Jun 17, 2025 01:54:38 PM.
Hydrofoil technology isn’t new, but combining it with fully electric propulsion, Waterloo-based ENVGO is hoping it’s found the recipe that will turn the boating industry on its ear.
The company announced the first close of its seed round of fundraising, bringing in $2 million thanks to the help of venture capital firms Two Small Fish Ventures out of Toronto and Waterloo’s Garage Capital.
The funding will help get the NV-1 watercraft, a fully electric, zero-emission vessel that uses hydrofoils to lift the boat out of the water, creating the sense of flying while reducing drag, thereby increasing range and overall efficiency.
Mike Peasgood, co-founder and CEO, ENVGO said in a 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 funds raised will also allow ENVGO to launch its industry partnership program. The plan is to offer a “scalable, license-ready system” that will help traditional boat manufacturers transition to electric motors.
In the release, Mike McCauley, Cofounder & General Partner, Garage Capital, heaped praise on the company, “What ENVGO has achieved with the NV1 prototype in such a short time is remarkable.”
He went on to say, “We’re doubling down because we believe this team has the vision, execution, and technology to redefine what’s possible in marine mobility.”
