Vision Marine (VMAR) Provides Update on E-Motion Powertrain Initiatives And Other Corporate Developments
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Vision Marine Technologies, Inc. (Nasdaq: VMAR) (“Vision” or the “Company”), a leader in transforming the global boating market by designing and manufacturing environmentally friendly electric boats and propulsion systems, provided an update on its new marketing initiatives and corporate developments since the Company’s initial public offering in November of 2020.
“Since our IPO just three months ago, the Company has made tremendous strides in growing our existing business and furthering our reputation as a disruptive world class nautical technology company,” said Alex Mongeon, Co-Founder and Chief Executive Officer of Vision. Mongeon continued, “We believe the market for our E-Motion powertrain systems continues to expand. The National Marine Manufacturers Association (NMMA) recently reported that U.S. boat sales reached a 13-year high in 2020 while outboard engine sales reached the highest level in 20 years, and that it expects these strong sales to continue in 2021. Vision’s technology positions us well to take advantage of what we believe is a continuing sea change increase in consumer demand, as well as the growing desire by consumers, regulators and municipalities to reduce the environmental impact associated with traditional internal combustion engines. With our recent strategic acquisition of MAC Engineering, Vision has acquired cutting edge next-gen technology and design teams which will expand our market leadership and competitive advantage for years to come.”
Highlights of Recent Corporate Developments
- Accelerated marketing efforts with OEMs for sales of E-Motion powertrain systems, building on the more than 1,000 units for which the Company has received Letters of Intent (LOIs). Vision expects to begin converting these LOIs to sales in the coming quarters.
- Acquired MAC Engineering’s intellectual property relating to marine outboard electronic systems. MAC is a pioneering designer of innovative electric propulsion systems for automotive, industrial, military and nautical applications. MAC’s CEO Xavier Montagne, a visionary designer and the “brains” behind numerous electric vehicle powertrains and battery management systems, has joined Vision as Chief Technology Officer.
- More than doubled the number of boats on order during the last six months, as compared with the same year ago period, significantly expanding its market share lead in electric boats;
- Partnered with Tourism Quebec and Transport Canada to provide up to 30 electric boats for rental and water taxi operations along a 30 km section of waterways near the city of Montreal.
- Signed a purchase order with Boat Fix, Inc. enabling Vision to outfit its electric powerboat fleet with Boat Fix’s customized telematics devices as well as a monitoring software application and customer support services.
- Planned exhibitions and demonstrations at world-renowned trade shows, including the Vancouver Boat Show (February 24-27), the Carefree Boat Club Conference (March 8-10), the Venice Boat Show and e-Regatta (May 29-June 5) and more.
- Scheduled to present at multiple upcoming investor conferences, including Maxim Emerging Growth Conference (March 17-18), Planet MicroCap. Showcase (April 21-22) and others.
Mongeon added, “Our cash position, coupled with our debt free capital structure, technological expertise and first mover speed-to-market, have positioned us well to expedite E-Motion electric boat powertrain sales while continuing to make progress on high-value R&D initiatives. Our growing boat sales business both fuels further growth and serves as a highly effective showcase for our proprietary powertrain systems. We look forward to providing additional updates with more details on our progress as we are able to.”
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