Vision Marine Technologies (NASDAQ: VMAR), a leader in transforming the global boating market by designing and manufacturing environmentally friendly electric boats and propulsion systems, today 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. “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 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.”
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About Vision Marine Technologies Inc.
Vision Marine Technologies strives to change and be a contributing factor in fighting the problem of waterway pollution by disrupting the boating industry with electric power, contributing to zero pollution, zero emission, waveless water, and a noiseless environment. The company’s flagship powertrain (“E-Motion”) is the first fully electric 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 and extensive control software. Its E-Motion technologies used in this powertrain system are designed to improve the efficiency of the outboard powertrain and, as a result, increase range and performance. Vision continues to design, innovate, manufacture, and sell its handcrafted, high performance, environmentally friendly, electric recreational powerboats to recreational customers. The design and technology applied to Vision’s boats results in far greater and enhanced performance, higher speeds and longer range. Simply stated, a smoother ride than a traditional motorboat. For more information about the company, please visit www.VisionMarineTechnologies.com.
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