MONTREAL - Vision Marine Technologies Inc. (NASDAQ:VMAR), a key player in the electric recreational boating sector, announced today the receipt of a financial contribution from the Government of Québec. Investissement Québec will provide up to 3 million US dollars through a preferred share subscription, signaling strong governmental support for the company's innovative endeavors in electric propulsion systems for boats and outboard motors.
The investment was disclosed by Québec's economic and innovation ministers, with the aim of bolstering Vision Marine's growth while ensuring the company's headquarters, decision-making center, and intellectual property remain in the province. This move is part of Québec's broader strategy to electrify transportation and support local job creation, with a projected addition of at least 24 new positions in Boisbriand.
Alexandre Mongeon, CEO and Co-founder of Vision Marine, expressed that this capital will accelerate the company's growth trajectory, enabling the hiring of skilled staff and hastening the production of their E-Motion™ electric outboard motor system. The investment is seen as crucial, providing financial flexibility to execute Vision Marine's business plan.
Vision Marine, recognized for its E-Motion™ 180E electric marine powertrain, targets the high-performance segment of the boating market, where it competes with a few key players, including Torqeedo from Germany and Evoy from Norway. The market for high-power electric outboard motors is anticipated to expand in the upcoming years, with Vision Marine positioning itself to capitalize on this growth.
This news is based on a press release statement from Vision Marine Technologies Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.