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Vision Marine Technologies Inc. closes strategic investment from the government of Quebec

by Vision Marine Technologies 10 Jan 16:21 PST
Vision Marine Technologies Inc. closes strategic investment from the government of Quebec, through Investissement Quebec © Vision Marine Technologies Inc

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.

Official announcement from the Government of Quebec available here.

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