The Power of Vision for Electric Boats - How one CEO made it Happen
Rhea-AI Summary
Vision Marine Technologies (NASDAQ: VMAR), founded in 2002, has evolved from producing small electric boats for rentals to becoming a pioneer in electric boating technology. The company currently manufactures 50-60 small electric boats annually and provides electric powertrain technology to other boat manufacturers.
Key achievements include setting speed records in 2022 and 2023, reaching 116 miles per hour with their electric outboards. Their system offers significant advantages including lower maintenance requirements, reduced operating costs (approximately $5 per full charge), and minimal environmental impact.
The company has completed 21 integrations on different boat types and is expanding significantly in the pontoon market with six different brand integrations. Vision Marine currently offers three pontoon brands with about 60 different models and four types of smaller boats, all manufactured in Montreal and sea certified. The company plans to expand its product offerings and participate in 10-12 boat shows, anticipating potential doubling of sales from the previous year.
Positive
- Set new speed records in 2022 and 2023 with 116 mph electric outboards
- Completed 21 successful boat integrations across different manufacturers
- Operating costs significantly lower than traditional engines ($5 per full charge)
- Expanded product line to include 60 different pontoon models
- Currently holds unique market position with no direct competitors in marine electric powertrains
Negative
- Recent stock rollback required to maintain NASDAQ compliance
News Market Reaction 1 Alert
On the day this news was published, VMAR declined 1.25%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - January 5, 2025) - Investorideas.com, a global news source and expert investing resource covering water and renewable energy stocks issues a new edition of the Investorideas.com Cleantech Podcast.
Host Cali Van Zant talks to Mr. Alexandre Mongeon, Co-Founder and CEO of Vision Marine Technologies Inc. (NASDAQ: VMAR), a pioneer in electric boating,
With the Electric Boats Market projected to be a
Listen to the podcast on https://www.spreaker.com/episode/the-power-of-vision-for-electric-boats-how-one-ceo-made-it-happen--63580636
Watch the Interview on YouTube
https://youtu.be/mYg3dxpLWAc
Disclosure: This Podcast is a paid for sponsored content.
Alexandre, who has been in the marine industry for 25 to 30 years, discusses his company, Vision Marine Technology, which was founded in 2002. The company initially built small electric boats for rental operations and hotels, producing over 3,000 units. In 2014, they began developing an inboard electric high voltage system that could reach speeds of 40 to 42 miles per hour and perform water skiing.
They partnered with major marine parts suppliers and used McLaren for testing and engineering. Today, Vision Marine Technology builds 50 to 60 small electric boats annually and offers their technology to other boat manufacturers. They have completed 21 integrations on different types of boats and won awards. The system is efficient, quiet, and fast, and can be recharged using shore power.
Cali and Alexandre discuss the success of their electric powertrain, which set a new speed record for 2022 and 2023. Alexandre explained that the team built a regular boat with electric outboards and achieved a speed of 116 miles per hour, surpassing the previous record. He emphasized the importance of hands-on testing and development, and the potential for other manufacturers to join the electric boating market. Alexandre also mentioned that they are currently the only company in the marine space with a comparable product, but welcomed competition from established brands like Mercury, Honda, and Suzuki.
Alexandre talks about the benefits of electric outboards for small waterways and short trips, highlighting their cost-effectiveness and reduced environmental impact compared to traditional ice engines. He noted that electric outboards have less vibration, fewer moving parts, and a lower fuel cost, with a full charge costing about
He also mentions that electric outboards require less maintenance, with the only necessary change being a glycol fluid every 1,000 hours.
He reports on the company's expansion into the pontoon market, highlighting six different integrations with various brands. He notes that the market is huge, particularly in lakes where fuel stations are scarce, and that the company now offers small electric boats and pontoons with their system installed.
Alexandre also shares the importance of partnerships with manufacturers, enabling the company to sell fully integrated products.
He reveals plans to offer at least 20 different types of product offerings with their system in the next few weeks.
When asked about the current product offerings through Vision Marine, he responds that "they have three brands of pontoons with about 60 different models and four types of smaller boats, all built in Montreal and sea certified."
Alexandre discusses the technological advancements and competitive edge of their marine parts certified engine and battery charging system. He highlights the system's high voltage, amperage, and cooling capabilities, which enable heavy boating in warm environments without overheating issues.
He also discusses the company's financial situation, including a recent rollback to meet NASDAQ compliance and their current cash position.
He expresses optimism about the future of electric boating, predicting a potential doubling of sales from the previous year. The company plans to participate in 10 to 12 boat shows and is working on finalizing agreements with third-party suppliers.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR) is a pioneer in electric boating, recognized for its innovative E-Motionâ"¢ Electric Marine Powertrain Technology that offers a superior, zero-emission boating experience. With proprietary, turn-key electric solutions, Vision Marine combines cutting-edge technology, high-performance propulsion, and eco-friendly systems. The company has broken multiple electric world speed records, showcasing its commitment to pushing the boundaries of performance. Vision Marine is leading the transformation of the marine industry with unmatched power and efficiency for a cleaner future on the water.
Investor and Company Contact:
Vision Marine Technologies
Bruce Nurse
(303) 919-2913
bn@v-mti.com
Website: visionmarinetechnologies.com
Twitter: @marine_vision
Facebook: @VisionMarineTechnologies
Instagram: @visionmarine.technologies
YouTube: @VisionMarineTechnologies
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FAQ
What speed record did Vision Marine Technologies (VMAR) set in 2022-2023?
How much does it cost to fully charge Vision Marine's (VMAR) electric outboard?
How many boat integrations has Vision Marine (VMAR) completed?
What is the maintenance interval for VMAR's electric outboards?
How many pontoon models does Vision Marine (VMAR) currently offer?
How many boats does Vision Marine (VMAR) produce annually?
