February 14, 2024 -- InvestorsHub NewsWire -- via NetworkNewsWire
Editorial Coverage: The raucous rumble of combustion
engines is fading, systematically replaced by the high-performance
hum of electric propulsion that’s transforming every aspect of
transport. Electric cars have moved mainstream with both automakers
and upstarts offering multiple mobility options. Now another market
is being disrupted, as sleek electric boats glide across the water
leaving nothing but a whisper of ripples in their wake. This surge
in electrification isn’t just about a clean and green conscience;
it’s about performance, convenience and a technological transition
in mobility that may be as profound as the shift from the horse to
the horseless carriage. The producer of the world’s most powerful
and most technically advanced electric outboard motor on the market
today, Vision Marine Technologies Inc. (NASDAQ:
VMAR) (Profile), is a recognized global leader,
innovator and disruptive force in the electrification of
recreational boating. The company is at the vanguard of transition,
challenging the status quo of conformity alongside big players such
as Brunswick (NYSE:
BC) and yacht purveyor MarineMax (NYSE:
HZO) by electrifying the waterways much
like Winnebago (NYSE:
WGO) intends to do and what Telsa (NASDAQ:
TSLA) has already accomplished on land.
- Vision Marine Technologies
offers the first fully electric, purpose-built outboard powertrain
system of its type, with unparalleled capabilities.
- Vision Marine’s E-Motion(TM)
technology powered a new electric-boat speed record at 116 mph 2023
Lake of the Ozarks Shootout.
- VMAR has partnered with
boat-maker titans Groupe Beneteau Four Winns and Wired Pontoons and
has received a multimillion-dollar investment from the Quebec
government.
- The global electric boat
market valued at $5 billion in 2021 is forecast to grow 12.9% at a
CAGR to $16.6 billion by 2031.
Click here to view the custom infographic of
the Vision Marine Technologies
Inc. editorial.
Electric Waterways
The electric wave is no longer confined to four wheels. The
boating industry is experiencing its own soul-shaking shift, with
electric models capturing the imaginations of adrenaline-seeking
speed junkies and ecoconscious cruisers alike. Much like autos,
boat manufacturers are pledging timeframes to go all electric for
similar reasons. In addition to the carbon-emission impact,
electric outboard motors have a high-performance hum instead of an
ear-splitting roar, eliminating noise pollution and creating a
serene cruising experience from johnboats to super yachts.
Performance boats with electric hearts offer exhilarating speeds
and instant torque, all while leaving the water pristine.
The electric boat market’s growth projections are even more
powerful than their performance. According to Allied
Market Research, the global electric-boat market, valued at $5
billion in 2021, is expected to exceed $16 billion by 2031, growing
at an eye-popping CAGR of 12.9% from 2022 to 2031.
At the threshold of a major market boom, Vision
Marine Technologies Inc. (NASDAQ:
VMAR) is cementing its position as a leading industry
innovator and the guiding force for change that’s disrupting the
traditional boating industry with electric power. The company’s
flagship E-Motion 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. Bar
none, the E-Motion 180E is the most technically advanced electric
outboard motor production ready on the market today.
Vision Marine isn’t just electrifying recreational boating, it’s
revolutionizing boating industry. A first mover, the E-Motion
technology is extremely efficient, unlocking both greater range and
exhilarating performance, hallmarks of next-generation electric
vehicle power. Unlike traditional, noisy gas-powered boats, Vision
Marine’s E-Motion powertrain offers electric boats a smooth,
powerful, near-silent ride that boaters love. More than
ecofriendly, it’s a new immersive way to experience the water.
No. 1 in Speed, Distance and Passion
Vision Marine has already distinguished itself with one
mind-blowing record, and now the company is aiming for another. At
the 2023 Lake of
the Ozarks Shootout, a boat powered by E-Motion technology
rewrote the record books for speed on water via electric motor,
reaching a stunning 116 miles per hour while leaving a wake of awe
and inspiration for boating enthusiasts.
In many circles, speed is all that matters, but that’s only part
of what Vision Marine intends to prove. An epic tale is unfolding.
Vision Marine has the team assembled and a plan in place to
demonstrate unprecedented range with a grueling run of 1,050
nautical miles from Norfolk, Virginia to the heart of Miami,
Florida.
Speed and range certainly elicit excitement, but Vision Marine
differentiates itself from others, proud of its position and
passion as a steward to a cleaner environment. Last year, the
company partnered with 4ocean, a global cleanup operation actively
removing plastic and trash from the ocean and coastlines. “Our
partnership with 4ocean exemplifies our commitment to environmental
preservation and signifies a new era of collaboration, where
companies unite to tackle the critical issue of ocean
pollution,” opined Alex
Mongeon, cofounder and CEO of Vision Marine, in a press release
detailing the alliance.
One, Two, Three, Four Winns and More
Four Winns, renowned global manufacturer of recreational
boats, engaged
Vision Marine and the E-Motion 180e electric power
train to be integrated on the Four Winns H2e Bowrider. In
January, the Four Winns H2e with the Vision Marine Technologies
E-Motion 180e electric powertrain was announced as the winner of
the Runabout category in the 2023 Boat of
the Year awards from Boating Magazine. Four Winns H2e boat
is the first electric runabout available to consumers.
It’s important to recognize that major boat manufacturers don’t
make their own motors like automakers do. They need reliable
partners, which provides enormous upside potential for Vision
Marine as the company aims to put its technology in as many boats
as possible in the future.
To reach the global boating community, a partnership was forged
with Groupe Beneteau Four Winns, resulting in boats being jointly
marketed by both companies to Beneteau’s vast dealer network. With
a presence across five continents, Beneteau maintains a network of
400 dealers, including 72 dealers throughout the U.S.
In Q4, Vision Marine achieved a significant milestone by
delivering its groundbreaking E-Motion Electric Powertrain
Technology to Groupe Beneteau Four Winns at their production
facility in Michigan. This event marked the first-time electric
motors were integrated into the acclaimed Four Winns H2e Bowrider.
Additionally, this period also witnessed the inaugural delivery of
the H2e to consumers in Europe, further cementing Vision Marine’s
position at the forefront of electric boating technology.
While the Four Winns deal could easily be a company maker in its
own right, Vision Marine has caught the attention of others as
well. The delivery to Four Winns was followed just weeks later by
an initial purchase order from Wired Pontoons for 25 units of the
E-Motion 180E outboard and powertrain systems. Wired Pontoons’
website prominently features the E-Motion 180E and the fact that it
requires no special charging equipment, features a unique UI and
delivers instant torque along with a new boating experience.
Investor Vote of Confidence
Vision Marine has not only caught the eye of boat builders, but
it also has investors clamoring to participate. Most notably, the
government of Quebec made a strategic
investment in Vision Marine, buying 3,000 convertible
Series B preferred shares and warrants to purchase up to 2,857,142
of its common shares for gross proceeds of $3 million. That’s a
solid vote of confidence in a company with a small market
capitalization but large upside potential. By comparison, consider
that General
Motors in 2021 bought a 25% stake in Seattle-based
electric outboard motor maker Pure Watercraft for $150 million
($600 million valuation). It appears that the government of Quebec
may be on to something big.
The Cassella Advantage
Vision Marine runs lean in the C-suite with a diverse and
seasoned board of directors. Of note, the company just
announced Anthony E. Cassella as its newest a board
member. The name may be unassuming to many outside of the boating
world, but Cassella has a potentially important connection for
Vision Marine.
In March 2023, he was promoted from his role as vice president
of MarineMax, the world’s largest recreational boat, yacht and
superyacht company, to the positions of executive vice president
finance and chief accounting officer. He has been with MarineMax
for 25 years where he has excelled in numerous positions of
increasing responsibility. It’s not far-reaching speculation to
consider the potential implications of Cassella’s relationship with
both companies to explore any synergies.
The Electrifying of Everything Is Upon Us
The electric revolution is surging across transportation,
propelling both cars and now boats into a cleaner, quieter future.
EVs are now commonplace on highways and side streets and soon a
wave of technically advanced electric motors powering fast, quiet
and reliable boats will be the norm. Innovative companies such as
Vision Marine Technologies are leading the transition, rewriting
the rules of mobility and delivering tomorrow’s opportunities
today. Other players also plugging into the EV space include the
following:
Brunswick (NYSE:
BC) is a global leader in marine recreation,
delivering innovation that transforms experiences on the water and
beyond. At the Consumer Electronics Show (“CES”) in Las Vegas in
January, Brunswick launched Veer, an all-new boat brand
designed to support electric propulsion and appeal to the next
generation of boaters, and also debuted the first model in the Veer
line-up: the X13. In addition, Mercury Marine, a division of
Brunswick Corporation, has
announced its Avator(TM) electric
outboard concept.
MarineMax (NYSE:
HZO) is a marine juggernaut with more than 130
locations worldwide, including 81 dealerships and 66 marina and
storage facilities. Amongst its many offerings, MarineMax.com has the vaunted Wider Yachts now
available for customers. Italian-made Wider Yachts are renowned for
award-winning, eco-friendly electric propulsion to go beyond the
imagination with unparalleled design, eminent luxury, and
technology.
Telsa (NASDAQ:
TSLA) is the household name in electric vehicles.
The company made its latest wave in the EV space with the first
deliveries of the Tesla Cybertruck late in 2023. During the fourth
quarter, Tesla produced approximately 495,000 vehicles and
delivered over 484,000 vehicles. In 2023, vehicle deliveries grew
38% YoY to 1.81 million while production grew 35% YoY to 1.85
million.
Winnebago (NYSE:
WGO) is a renowned manufacturer of recreational
vehicles (“RVs”) known for its innovative approach to
travel. The
company is currently making strides in eco-friendly travel
with the development of the eRV2, an all-electric RV equipped with
a proprietary house battery. This cutting-edge vehicle promises
silent operation and the ability to travel off-grid, or “boondock,”
for up to seven days, offering a sustainable travel option. In
addition, earlier this year, Chris-Craft, a subsidiary of Winnebago
Industries, unveiled its first, zero-emission, all-electric
concept boat: the Launch 25 GTe.
This is only the beginning of the electric odyssey. As battery
technology advances, ranges will extend, charging will become
seamless and the variety of electric vehicles will continue
expanding. Whether cruising down a sun-drenched highway or
exploring shorelines in near-silence, the future of mobility is
undeniably electric, promising a cleaner, quieter and more exciting
journey for everyone.
For more information about Vision Marine
Technologies, please visit Vision
Marine Technologies.
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Editorial Coverage
Vision Marine Technologies (NASDAQ:VMAR)
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