Through Investissement Québec, the Quebec government is providing a financial contribution of up to US$3m to Vision Marine Technologies in the form of a subscription to preferred shares.
Vision Marine plans to develop and commercialize an electric propulsion system for outboard motors and electric boats. The market for high-power electric outboard motors is expected to grow in the coming years, and, according to Graphical Research, market growth could be even higher for vessels that require high-power engines. Vision Marine is targeting this high-performance market segment.
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.
Quebec’s minister of economy, innovation and energy, Pierre Fitzgibbon, said, “This government equity investment will support the growth of Vision Marine, in addition to keeping the headquarters, decision-making center and intellectual property in Quebec. This investment also aligns with the government’s strategy for the electrification of transportation.”
Finance minister Eric Girard, commented, “In Quebec, 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 [the Montreal suburb of] Boisbriand.”
Alexandre Mongeon, CEO and co-founder of Vision Marine, added, “Vision Marine – a leader in the electrification of boating with the E-Motion electric outboard motor solution – is proud to announce Investissement Québec’s entry as a new shareholder, acting as the Quebec government’s agent.
“This funding will enable Vision Marine to continue to accelerate its growth, help the company to hire highly skilled staff and to speed up the production of the innovative E-Motion system while securing our supply chain. The financing represents a key step for Vision Marine, as it provides us with the financial flexibility necessary to execute our business plan.”
For more key power and propulsion updates from the electric and hybrid marine technology industry, click here