Vision Marine Technologies (NASDAQ: VMAR), a global leader and innovator within the performance electric recreational boating industry, has closed on a strategic investment from the Quebec government. The financial contribution of up to $3 million came through Investissement Québec and is in the form of a subscription to preferred shares. According to the press release, Quebec officials Pierre Fitzgibbon (the minister of economy, innovation and energy; minister responsible for regional economic development; and minister responsible for the metropolis and the Montréal region) and Eric Girard (minister of finance, minister responsible for relations with English-speaking Quebecers and a member of the National Assembly for Groulx) announced the contribution. Their statement noted that the government equity investment will support the growth of Vision Marine while also keeping the headquarters, decision-making center and intellectual property in Québec. The officials observed that the financial support aligns with the government’s strategy for the electrification of transport. “Vision Marine, a leader in the electrification of boating with its E-Motion(TM) electric outboard motor solution, is proud to announce Investissement Québec’s entry as a new shareholder, acting as the Québec government’s agent,” said Vision Marine Technologies CEO and cofounder Alexandre Mongeon in the press release. “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.”
To view the full press release, visit https://ibn.fm/75Xx1
About Vision Marine Technologies Inc.
Vision Marine Technologies strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. The company’s Flagship E-Motion(TM) 180E electric marine powertrain is the first fully electric, purpose-built 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 utilizing extensive control software. VMAR’s E-Motion and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture and sell handcrafted, environmentally friendly, electric recreational boats to customers. The design and technology applied to its boats result in far greater enhanced performance in general as well as higher speeds, longer range and a smoother ride than a traditional internal combustion engine (“ICE”) motorboat. For more information about the company, please visit www.VisionMarineTechnologies.com.
NOTE TO INVESTORS: The latest news and updates relating to VMAR are available in the company’s newsroom at http://ibn.fm/VMAR
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