Vision Marine Technologies has announced that it has entered into a definitive securities purchase agreement with the Government of Quebec, through Investissement Québec.
Investissement Québec’s role is to stimulate innovation in businesses, entrepreneurship, and exports, as well as to grow local and foreign investment in all regions of Québec. The organization offers businesses of all sizes personalized support, technological expertise, and flexible financial solutions at each stage of their growth.
The announcement of the Vision Marine investment was made by two members of the provincial government that between them oversee a variety of ministries/departments. Mr. Eric Girard is the Minister of Finance and Minister responsible for Relations with English-speaking Quebecers. Mr. Pierre Fitzgibbon is the Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montréal region.
“This government equity investment will support the growth of Vision Marine, in addition to keeping the headquarters, decision-making center, and intellectual property in Québec.” said Mr. Fitzgibbon. “This investment also aligns with the government’s strategy for the electrification of transport,”
Mr Girard added that “In Québec, we have the creativity, boldness, and expertise to produce an electric outboard motor that can compete with the most powerful electric motors on the market. The company’s growth strategy is now focused on the development and commercialization of its latest product, which should generate a minimum of 24 jobs here in Boisbriand,”
For those who are interested in the details, Vision Marine sold 3,000 convertible Series B Preferred Shares, with a stated value of US$1,000 per share, and warrants to purchase up to 2,857,142 of its common shares for gross proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses.
Alexandre Mongeon, CEO of Visona Marine, said the funding will enable Vision Marine to continue and accelerate its growth and help the company hire highly skilled staff and speed up production of its E-Motion™ system.
“This financing represents a key step for Vision Marine,” aid Mongeon, “as it provides us with the financial flexibility necessary to execute our business plan,” stated Alexandre Mongeon, CEO and Co- founder of Vision Marine.
It has been quite a week for investments in the electric boat industry.
German electric boat (and EV) motor company Molabo was purchased by one of its early investors/partners
French electric outboard company TEMO closed a €6M Series A funding round and
Yamaha, one of the world’s largest manufacturers of fossil fuel boat motors, announced that it will purchase from the world’s current leading electric boat motor manufacturer, Torqeedo, from its parent company Deutz.
If you click the link below, it will take you to all of the Plugboats news written about electric boat investments for the past 5 years. It makes for interesting reading!