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Cyclops Marine 2023 November - LEADERBOARD

Vision Marine marks a strategic milestone with Neogy Startek's lithium battery production facility

by Vision Marine Technologies 4 Apr 07:25 PDT
High voltage battery pack installation in the H2e © Vision Marine Technologies

Vision Marine Technologies Inc., (NASDAQ: VMAR) ("Vision Marine" or the "Company"), a leader in electric marine propulsion, is thrilled to announce the commissioning of its partner Neogy, a subsidiary of Startek Energy Group, state-of-the-art lithium battery production facility in Pompignac, France.

This pivotal development marks a significant milestone in the industrialization of high-tension battery packs designed specifically for Vision Marine's innovative electric boating solutions.

The new facility, equipped with cutting-edge technology and complying with Europe's most rigorous safety rules laid down in the relevant legislation, in particular ICPE 1510, is poised to provide a competitive advantage for Vision Marine in the rapidly growing electric boat market. It signifies a crucial step towards securing a consistent supply of superior-quality, high-voltage batteries, underlining Vision Marine's commitment to excellence and innovation in electric maritime leisure.

Xavier Montagne, CTO of Vision Marine, expressed his enthusiasm: "The use of HV batteries in the nautical industry demands a very high level of safety and mastery of the technology. It's not just a matter of designing the right battery but also of producing it! We immediately identified Neogy because of its mastery of the technology, but it was certainly their exemplary factory that convinced us."

François Enez, Sales Director at Neogy, highlighted the plant's achievements and future readiness:" We are proud to have achieved the same level of excellence in design and production. The new European standards for Li-ion batteries are due to come into force in 2026, with a genuine identity card to be introduced for each battery produced. This will enable the life of the battery and cells to be tracked from design to production. Not many manufacturers will be able to adapt to these new constraints, and we know that our industrial expertise will be a decisive asset."

Neogy has already entered the mass production phase for major customers in a wide range of fields, including agricultural robotics, electric mobility, and marine applications. This industrialization has been made possible by major investment in machinery, enabling the company to reach a production capacity of 500 MWh per year. The facility's strategic location near Bordeaux facilitates efficient battery distribution across Europe and North America, ensuring that Vision Marine and its clients benefit from rapid delivery and support services. This advantage is bolstered by the quick deployment capabilities of Neogy's support and engineering teams, thanks to the air hubs in Paris and Madrid.

Alexandre Mongeon, CEO of Vision Marine, added: "Achieving leadership in electric leisure boating requires partnering with the best. Neogy's technological leadership and production excellence make them an ideal partner for us, ensuring the success of our projects from the outset."

Vision Marine continues to pioneer advancements in electric marine propulsion, and the completion of its partners cutting end infrastructures is another step in providing reliably high-performance electric boating experiences for customers worldwide.

Vision Marine refocuses on E-Motion™ electric powertrain development

As Vision Marine continues to pioneer in the electric marine propulsion sector, the company is refocusing its efforts on advancing the E-Motion™ electric powertrain technology. This strategic shift is marked by the pending sale of its electric boat rental operations in Newport Beach. The company plans to maintain its electric boat rental operations at its Ventura, CA and Palm Beach, FL locations. This transaction, which is expected to close next month, will secure a fresh stream of operating funds dedicated to further technological development and production but also aligns with Vision Marine's long-term strategy to enhance its core technology production capabilities. We have not entered into a binding agreement for this sale, and there is no guarantee that the sale will occur.

Acknowledgment of Mario Saucier's contributions

Vision Marine extends its deepest gratitude to Mario Saucier for his unwavering dedication and service as a departing board member. Mr. Saucier's strategic insights have been instrumental in the company's achievements as part of multiple committees. The entire Vision Marine team appreciates his valuable contributions and wishes him the utmost success in his future endeavors.

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