Vision Marine Technologies Fast Tracks Commercialization of our E-Motion™ Electric Powertrain with Up to $1.72 Million (CAD...
June 29 2021 - 7:30AM
Vision Marine Technologies, Inc. (NASAQ:
VMAR) (“Vision Marine” or the “Company”), announced today
that the government of Québec through Investissement Québec (IQ),
an important catalyst for the Province of Quebec economic
development, granted up to $1.72 million (CAD), in the form of a
non-refundable contribution to fast track commercialization of the
E-Motion™ 180.
“I am honored and proud of what my team has been able to
accomplish in such a short period of time. We have been able to
demonstrate that our proprietary technology will be a disrupter
within the industry. This grant will help to allow us to equip
watercraft from major manufacturers to showcase E-Motion’s™
performance and range,” said Alexandre Mongeon, co-founder and CEO
of Vision Marine.
The objective of this financial assistance from the government
of Québec is to assist Québec companies that develop and market
innovative clean technologies to remain at the forefront in their
respective fields, and to augment business opportunities in
national and international markets. Vision Marine will continue to
showcase its groundbreaking E-Motion™ powertrain system utilizing a
new integrated outboard system for electric boats at 180 HP, with
energy efficiency of 95%.
Key aspects of Vision Marine’s proprietary E-Motion™
technology:
- Dramatic increase in efficiency, horsepower.
- Extended range.
- Zero reliance on fossil fuels.
- Noiseless engine.
- Sustainable solution with zero direct emission.
- E-Motion™ delivers an exhilarating experience due to its high
ratio of torque to horsepower.
- 90% reduction in fuel and maintenance cost.
With this milestone achieved, Vision Marine continues to
solidify its position as the global market leader and innovator in
electric outboard engines. Most outboard engines being purchased in
North America are between 100 and 300 horsepower. This gives Vision
Marine’s E-Motion™ a notable advantage as the only manufacturer
offering a true alternative to traditional gasoline or diesel
engines.
The True Impact of Our WorkIn the early 2000s,
eight million boats equipped with a traditional internal combustion
engine (ICE) were releasing annually 15 times the amount of
oil that was spilled in the catastrophic Exxon Valdez incident of
1989. The electrification of our waterways is a game changer for
the environment.
When substituting ICE outboard motors with our E-Motion™
powertrain, there is a reduction of greenhouse gases (GHG) of up to
94 tons of CO2 equivalent GHG per year per powertrain unit.
“Our industry cannot ignore its impact on the environment
anymore. We know it and our customers know it,” said Xavier
Montagne, Chief Technology Officer of Vision Marine.
About Vision Marine Technologies,
Inc.
Vision Marine Technologies, Inc., 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. Our
flagship outboard powertrain ("E-Motion™") 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. Our
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
our handcrafted, high performance, environmentally friendly,
electric recreational power boats to customers. The design and
technology applied to our boats results in far greater enhanced
performance in general, higher speeds, and longer range. Simply
stated, our boats provide a smoother ride than a traditional ICE
motorboat.
https://visionmarinetechnologies.com
Forward-Looking StatementsCertain statements
made in this press release are “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”,
and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements reflect the
current analysis of existing information and are subject to various
risks and uncertainties. As a result, actual results may differ
materially from these expectations due to changes in global,
regional, or local economic, business, competitive, market,
regulatory and other factors, many of which are outside of Vision
Marine’s control. Important factors that could cause actual results
to differ materially from those in the forward-looking statements
are set forth in Vision Marine’s Annual Report on Form 20-F, filed
with the SEC for the year ended August 31, 2020, as such factors
may be updated from time to time in Vision Marine’s periodic
filings with the SEC. Any forward-looking statement in this press
release speaks only as of the date of this release. Vision Marine’s
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
Investor and Company Contact:
Bruce NurseVision Marine Technologies, Inc.(800)
871-4274bn@v-mti.com
Dave GentryRedChip Companies Inc.800-RED-CHIP (733-2447)
or 407-491-4498dave@redchip.com
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