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Montreal entrepreneur and investor Alexandre Taillefer unveiled the city’s first electric taxi fleet on Wednesday morning.

The company, called Téo, will launch on Nov. 26 under a test period with 500 trial usersuntil mid-March when the service will be available to the general public.

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“We’re investing millions and millions into this, so we want to provide the best experience,” said Taillefer, managing partner of XPND Capital, which is Téo’s principal owner.

The company launched with great fanfare on Wednesday at its service centre on St-Patrick St. in Pointe-St-Charles. Then, many of those who attended the announcement were shuttled in Téo taxis to the Queen Elizabeth Hotel, where Taillefer addressed the Board of Trade of Metropolitan Montreal at a luncheon speech.

Taillefer’s company, XPND Capital, and other investors, including Claridge Investment Ltd. are putting roughly $250 million into the venture. Among the investors is Investissement Québec with $10 million, and the Caisse de dépôt et placement du Québec with $15 million. Taillefer is kicking in $4 million of his own money.