The Electrifying Rise of Electric Boats

NetworkNewsWire Editorial Coverage

NEW YORK, Feb. 14, 2024 /PRNewswire/ --  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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