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Electric Boat Company Raises $27 Million in IPO

Vision Marine Technologies has been building electrically powered boats since 2012.

Vision Marine Technologies, formerly the Canadian Electric Boat Company, has introduced a 180-hp (135 kW) electric outboard under the E-motion brand. The company also raised more than $27 million in an Initial Public Offering (IPO) of 2,760,000 common shares at a price of $10 per share. This includes 360,000 shares sold upon full exercise of the underwriter’s option to purchase additional common shares.

Forward Vision

Gross proceeds from the offering, including the exercise of the over-allotment option, were $27,600,000, before deducting underwriting discounts, commissions and offering expenses. According to International Boating Industry, Vision’s first day of trading on the NASDAQ saw the IPO open at $11.03 per share and then gain 72% at its peak before closing the day at $13.69 per share, which represented 37% growth.

The company was founded in 2012 in Quebec, Canada, and has built and offered a variety of electric boats since then, ranging from a Fantail cruise to the Volt 180 and Phoenix 290. The change to Vision Marine Technologies reflects its plan to move beyond boats and be a technology company.

 

The Volt 180 has reportedly hit a top speed of 30 mph.

In the prospectus for the IPO, Vision marine outlined plans for the E-motion motors. In an announcement, the company said the first E-motion electric outboard “combines an advanced battery pack, inverter and high-efficiency motor with proprietary union assembly between the transmission and the electric motor design and extensive control software. Our E-motion technologies used in this powertrain system are designed to improve the efficiency of the outboard powertrain and, as a result, increase range and performance.

The Specs

The 180-hp estimate is for peak power with continuous output of 120 hp/89.48 kw. The motor will weigh 413 lbs. (188 kg) and will be powered by lithium batteries. According to the website, plugboats.com, the powertrains will be assembled using components from different companies with the motors purchased from UQM Technologies and Dana TM4.

The first E-motion outboard reportedly makes 120 hp for continuous power.

Vision’s business plan reportedly to market the engines to Original Equipment Manufacturers (OEM) and not to the public. It’s estimated that the company has received letters of intent for OEMs for 186 powertrains in the first year of production with the hope of raising that to 504 by the end of August 2024.