Vision Marine secures $3m government investment
Canada-headquartered electric boatbuilder Vision Marine Technologies has secured an investment of ‘up to’ US$3m from the government of Québec, through Investissement Québec, in the form of a subscription to preferred shares.
The announcement was made on Wednesday (10 January 2024) by Pierre Fitzgibbon, Quebec minister of economy, innovation and energy, as well as the minister of finance, Eric Girard.
Vision Marine is planning the development and commercialisation of an electric propulsion system for outboard motors and electric boats.
“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,” says Fitzgibbon. “This investment also aligns with the government’s strategy for the electrification of transport.”
Girard adds: “In Québec, 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 commercialisation of its latest product, which should generate a minimum of 24 jobs here in Boisbriand.”
Electric outboard market
The market for high-power electric outboard motors is expected to grow in the coming years. According to Graphical Research, the market growth could be higher for high-power engine niches, which is the market targeted by products developed by Vision Marine.
Vision Marine targets the high-performance market segment, where there are a few competitors, notably Torqeedo (Germany) and Evoy (Norway).
“Vision Marine is proud to announce Investissement Québec’s entry as a new shareholder, acting as the Québec government’s agent,” says Alexandre Mongeon, CEO of Vision Marine. “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.”
In 2023, Vision Marine eentered into a definitive agreement with an unnamed investor, to sell almost half a million shares in a deal worth around US$2m.