Waterloo-based cleantech startup ENVGO has secured $2.7 million CAD ($2 million USD) in seed funding to commercialize its flagship electric hydrofoiling boat, the NV1.
The funding round was led by Two Small Fish Ventures, with participation from Garage Capital and other angel investors. As part of the deal, Two Small Fish Ventures will take a board seat.
Aerospace expertise hits the water
ENVGO was founded in 2021 by Mike Peasgood and the former team behind drone company Aeryon Labs, which was acquired by FLIR Systems for $265 million CAD in 2019. With NV1, the team is translating aerospace-grade engineering into a high-performance boating experience.
Using hydrofoils — wing-like structures that lift the vessel above water — the NV1 offers a silent and smooth ride while reaching speeds of 80 km/h and a range of 130 kilometres on a single charge. The company describes the experience as “flying” over water.
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Addressing the performance-range tradeoff in electric boating
“Electric boats have always faced a tough trade-off between performance and range,” said CEO Peasgood. “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.”
Market debut and scaling plans
ENVGO plans to debut NV1 in 2026, with manufacturing based in Ontario. Pre-orders are currently open with a refundable $1,000 CAD deposit. The startup also announced a forthcoming industry partnership program to help traditional boat manufacturers shift to electric propulsion systems using ENVGO’s scalable platform.
With this fresh capital, the company is positioning itself at the forefront of sustainable marine mobility, aiming to lead the transition toward greener, more efficient recreational boating.
