Vision Marine Technologies completes production contract for marine batteries with Neogy

Vision Marine Technologies completes production contract for marine batteries with Neogy © Vision Marine Technologies

Vision Marine Technologies (NASDAQ: VMAR) ("Vision Marine" or the "Company"), the global leader and innovator in electric transition of the recreational boating industry, is pleased to announce it has executed a production contract with Neogy, a division of Groupe Startec Energy, a French manufacturer of specialized batteries and systems.

The production contract provides for Vision Marine's initial purchase of 240 of Neogy's customized batteries, which have been designed to the specifications of Vision Marine. The first installment of batteries will be delivered immediately, with the final installment set for delivery by spring 2023. The batteries will be installed in 120 full systems for Vision Marine's E-Motion™ 180E propulsion system being offered to OEMs. The high voltage, high density, lightweight batteries enable the E-Motion™ 180E to perform at optimal functionality.

Vision Marine's CEO and co-founder Alex Mongeon stated, "We have entered into this contract with Neogy in anticipation of the commencement of commercial production of our E-Motion™ 180E powertrain system, with such deliveries projected to commence in mid-2023. Neogy has given Vision Marine tremendous support throughout the past year, and we are very excited to expand our relationship with them."

Global market leader Groupe Beneteau, along with Vision Marine, debuted the 2023 Four Winns H2E runabout powerboat, its first product offering of their seminal partnership. Beneteau has publicly stated that it expects deliveries of the H2E to commence in spring 2023, in addition to working on the production of other electric models across its brand portfolio in partnership with Vision Marine.

"We are excited to be working alongside Neogy and its technical team for the development of our new fully customized high voltage battery for the E-Motion™ 180E powertrain system. This signed production contract will allow us to equip boats to be in production before next summer. It is the final result of a long term co-working relationship, and I cannot wait to receive our first certified batteries," stated Xavier Montagne, Vision Marine's CTO and COO.

"We are proud to gather all the expertise of the divisions of the Startec Energy industrial group around a high added value joint project contributing to accelerate the electrification of the nautical and leisure fields. With Vision Marine Technologies, Startec Energy intends to build a relationship of trust for a long- term partnership. Our teams and I are looking forward to equipping their boats!" Thomas Debuisser, CEO.

For more information visit visionmarinetechnologies.com.