Electric marine propulsion manufacturer Vision Marine Technologies is to receive US$3 million investment from the Government of Québec, through Investissement Québec.
The investment will support Vision Marine’s development and commercialisation of its electric propulsion – E-Motion – system for outboard motors and electric boats.
“This funding will enable Vision Marine to continue and accelerate its growth,” said Alexandre Mongeon, CEO and co- founder of Vision Marine. “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.”
The market for high-power electric outboard motors is expected to grow in the coming years.
Market growth
Market growth could be higher for high-power engine niches, which is the market targeted by products developed by Vision Marine.
Vision Marine estimates the outboard engine market is currently worth around US$15.5 billion. The company has already signed a partnership agreement with Four Winns to provide outboard engines and an order for 25 systems from Wired Pontoons.
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.
“This government equity investment will support the growth of Vision Marine, in addition to keeping the headquarters, decision-making centre, and intellectual property in Québec.
“This investment also aligns with the government’s strategy for the electrification of transport,” said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montréal region.
The funding will help to create at least 24 jobs.
