Potential Secures $2M CAD, Cements Off-Road Innovation Leadership

[New Brunswick, May 2, 2024] Potential, a pioneering force in the development of off-road electric vehicle (EV) technology, announced today the successful completion of a $2 million CAD funding round. The investment, led by the New Brunswick Innovation Foundation (NBIF), Brightspark Ventures, Build Ventures, and new investor Farpointe, will enable Potential to further enhance their technology, accelerate product development, and solidify their position as a leader in off-road vehicle innovation.

The latest funding round includes $200k CAD from NBIF and follows a series of NBIF investments including an initial investment of $500k CAD in 2018 with subsequent follow-on rounds with a total NBIF equity investment of $1.45m in Potential.

Founded in 2018 by CEO Sam Poirier and based in Fredericton, New Brunswick, Potential has distinguished itself through its groundbreaking Off-Road Operating System (OROS), a cutting-edge platform that provides real-time terrain mapping for proactive control, that feeds suspension, traction, and driver alerts.  They have also recently introduced Terrain Intelligence, a first-of-its-kind AI-driven terrain perception that enables every vehicle to see, understand and proactively prepare for the toughest of terrains.

“Potential’s OROS and Terrain Intelligence represents a paradigm shift in off-road vehicle technology,” says Poirier. “Our proprietary technology, has garnered significant attention across multiple sectors, including motorcycles, powersports, automotive, defense, and mining, for its ability to decode challenging off-road environments.”

Recognized as a Canada Changemaker in Atlantic Canada 30/30, Sam Poirier’s leadership and capital-efficient approach has been instrumental to Potential rapid emergence as a frontrunner in the off-road vehicle industry. 

“Under Sam’s leadership, Potential is not only pioneering innovation in the off-road vehicle sector but also putting New Brunswick on the map for EV off-road excellence,” says NBIF CEO, Jeff White.  “We are confident in the company’s ability to continue to drive growth and attract strategic investors as they advance their groundbreaking technology.”

The funding round comes at a pivotal time for Potential, with plans to unveil new developments and strategic partnerships in the coming months.

For more information about Potential and its Terrain Intelligence technology, visit https://www.potentialmotors.com/.