MONTREAL, QC / ACCESSWIRE / January 10, 2024 / Vision Marine Technologies Inc. (NASDAQ:VMAR) ("Vision Marine" or the "Company"), a global leader and innovator within the performance electric recreational boating industry, announced today that the Government of Québec, through Investissement Québec, is providing a financial contribution of up to 3 million US dollars, in the form of a subscription to preferred shares.
The announcement was made today by the Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montréal region, Mr. Pierre Fitzgibbon, as well as the Minister of Finance, Minister responsible for Relations with English-speaking Quebecers, and Member of the National Assembly for Groulx, Mr. Eric Girard.
The project of Vision Marine aims at the development and commercialization of an electric propulsion system for outboard motors and electric boats.
"This government equity investment will support the growth of Vision Marine, in addition to keeping the headquarters, decision-making center, and intellectual property in Québec. This investment also aligns with the government's strategy for the electrification of transport," stated Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montréal region.
"In Québec, we have the creativity, boldness, and expertise to produce an electric outboard motor that can compete with the most powerful electric motors on the market. The company's growth strategy is now focused on the development and commercialization of its latest product, which should generate a minimum of 24 jobs here in Boisbriand," stated Eric Girard, Minister of Finance, Minister responsible for Relations with English-speaking Quebecers, and Member of the National Assembly for Groulx.
"Vision Marine, a leader in the electrification of boating with its E-Motion™ electric outboard motor solution, is proud to announce Investissement Québec's entry as a new shareholder, acting as the Québec government's agent. This funding will enable Vision Marine to continue and accelerate its growth. This capital injection will help the company to hire highly skilled staff and to speed up the production of its innovative E-Motion™ system, while securing our supply chain. This financing represents a key step for Vision Marine, as it provides us with the financial flexibility necessary to execute our business plan," stated Alexandre Mongeon, CEO and Co-founder of Vision Marine.
The market for high-power electric outboard motors is expected to grow in the coming years. According to Graphical Research, the market growth could be higher for high-power engine niches, which is the market targeted by products developed by Vision Marine.
Vision Marine targets the high-performance market segment, where there are a few competitors: Torqeedo (Germany) and Evoy (Norway).
Investissement Québec's role is to stimulate innovation in businesses, entrepreneurship, and exports, as well as to grow local and foreign investment in all regions of Québec. The organization offers businesses of all sizes personalized support, technological expertise, and flexible financial solutions at each stage of their growth.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (Nasdaq:VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. Our Flagship E-Motion™ 180E electric marine powertrain is the first fully electric purpose-built outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design utilizing extensive control software. Our E-Motion™ and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture, and sell handcrafted, environmentally friendly, electric recreational boats to customers. The design and technology applied to our boats results in far greater enhanced performance in general, higher speeds, and longer range. Simply stated, a smoother ride than a traditional internal combustion engine (ICE) motorboat.
Forward-Looking Statements
Certain statements made in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are outside of Vision Marine's control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision Marine's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (SEC) for the year ended August 31, 2023, as such factors may be updated from time to time in Vision Marine's periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision Marine undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Investor and Company Contact
Bruce Nurse
(303)919-2913
[email protected]
SOURCE: Vision Marine Technologies Inc.