Vision Marine Technologies Announces Contract with The Limestone Boat Company to supply its E-Motion Powertrain Technology
Montreal, Canada, May 19, 2021 - Vision Marine Technologies, Inc. (Nasdaq: VMAR) ('Vision Marine' or the 'Organization') declared today an inventory concurrence with The Limestone® Boat Company Limited (TSX-V: BOAT), a boat producer with a 35-year history as a legacy brand famous for its ageless plan, large water execution, quality assembling and durability.
· Limestone Boat to arrange at least 25 E-Motion Electric Outboard Powertrains over the course of the following a year. · Contract is the underlying advance in Limestone's arrangements to essentially scale its electric boat impression, using Vision Marine's Disruptive Best-in-Class Powertrain Technology E-Motion. · Limestone hopes to sell up to 550 Boats in 2022, and enormously scope its electric impression. · Value of introductory request assessed at US $2M (CDN$2.5M). · Vision Marine will contribute $3.4M CAD, $2.8M USD in Limestone through a convertible debenture. · Addressing a US$2.9B addressable market, expected to develop to US$17B BY 2026. · As a demonstration of trust in this association, and in acknowledgment of Limestone's close and long haul esteem, Vision has contributed US$2.8M (CDN$3.4M) in Limestone's position of 10% convertible debentures.
Under the details of the Agreement, subject to convenient execution testing that meets settled upon determinations, Vision Marine will supply Limestone with at the very least 25 electric detachable powertrains over the course of the following a year. Settled in Collingwood, Ontario, Limestone has a 145,000 sq. ft. fabricating office in Tennessee, with a huge, gifted workforce just as seller network all through the United States and the Canadian Great Lakes area. Limestone's order is to set up an industry driving early mover electric impression in the customary drifting area, zeroing in on the 20' to 29' market for its stable of brands including Limestone, Aquasport, and Boca Bay. Limestone hopes to sell up to 550 boats in the 2022 schedule year. Because of this organization with Vision Marine, Limestone will move forward in offering an electric alternative for their boats and will attempt to set up Vision's powertrains in enormous water applications.
Alexandre Mongeon, CEO and prime supporter of Vision Marine remarked: 'I'm extremely amped up for this agreement and our association with Limestone, as it denotes the start of the commercialization of Vision Marine's E-Motion powertrain, the world's most impressive electric detachable powertrains accessible available today. Driven by an energetic group of tip top marine industry veterans with more than 100 years of consolidated involvement with assembling, money, promoting and client care, Limestone is an elite accomplice. This organization gives Vision Marine the chance to grandstand our troublesome innovation all through North America.'
Sales of detachable motors in the U.S. alone expanded to a 13-year high of $2.9B in 2018 and is relied upon to develop to US $17B by 2026. Notwithstanding the pandemic, Vision Marine has more than 1,100 LOI ('Letters of Intent') from OEMs ('Original Equipment Manufactures'). In a post COVID climate, Vision Marine is presently ready to move rapidly to change the LOI's over to orders. Vision Marine have a gigantic chance to be an innovator in a worldwide sporting sailing market expected to contact US $63B by 2026.
Scott Hanson, Limestone's CEO and Director, expressed: 'We are excited to join forces with Vision Marine. Their pivotal E-Motion powertrain innovation gives what we accept to be a problematic arrangement creation powerful electric detachable framework for watercraft. This organization furnishes us with a main innovative benefit as we move to set up Limestone and Vision Marine as pioneers in changing the sporting drifting industry to electric Powertrains.'
The center by the U.S. Ecological Protection Agency on tidying up U.S. streams is driving huge interest for electric boats. The way that Vision Marine is the solitary electric boat motor innovation organization with affirmations from the European Conformity, the United States Coast Guard and the Canadian Coast Guard gives us another significant cutthroat advantage.
About Vision Marine Technologies
Vision Marine Technologies, Inc's. business command is to change and be a contributing component in battling the issue of stream contamination by upsetting the heritage drifting industry with electric force, adding to zero contamination, zero discharge, and a silent environment.
Our leader detachable powertrain ('E-Motion') is the main completely electric detachable powertrain framework that joins a high level battery pack, inverter, and high productivity engine with exclusive association gathering between the transmission and the electric engine plan and broad control programming. Our E-Motion advancements utilized in this powertrain framework are intended to improve the effectiveness of the detachable powertrain and, accordingly, increment range and performance.
Vision Marine keeps on planning, enhance, production, and sell our carefully assembled, superior, harmless to the ecosystem, electric powerboats to sporting customers.
The plan and innovation applied to our boats results in far more prominent and upgraded execution, higher rates, and longer reach. Essentially expressed, a smoother ride and a more secure and upgraded client experience than a conventional ICE motorboat.
About The Limestone® Boat Company Limited
Limestone® has a 35-year history as a legacy brand famous for its immortal plan, huge water execution, quality assembling and solidness. The Limestone Boat Company is traded on an open market on the Toronto Venture Exchange under the ticker image BOAT. Settled in Collingwood, Ontario and assembling in White Bluff, Tennessee, Limestone gloats a 145,000 sq. ft office with an enormous, talented workforce and vendor accomplices all through the United States and the Canadian Great Lakes Region. Limestone® is the manufacturer of Limestone®, Aquasport and Boca Bay brands.
The proclamations contained in this official statement that are not authentic realities are forward-looking explanations. The forward-looking assertions are dependent upon different dangers, vulnerabilities, suspicions, or changes in conditions that are diverse to foresee or evaluate. Real outcomes may vary tangibly from these assumptions because of changes in worldwide, local, or neighborhood monetary, business, serious, market, administrative and different variables, a considerable lot of which are outside Vision's ability to control. Significant variables that could make real outcomes vary tangibly from those in the forward-looking assertions are gone ahead in Vision's Annual Report on Form 20-F, recorded filings with the SEC on December 31, 2020, as such factors might be refreshed, remembering its enrollment articulation for Form F-1, as revised occasionally in Vision's intermittent filings with the SEC, under the subtitle 'Hazard Factors.' Any forward-glancing proclamation in this public statement talks just as of the date of this delivery. Vision attempts no commitment to freely refresh or audit any forward-looking assertion, regardless of whether because of new data, future turns of events or something else, besides as might be needed by any relevant protections laws. https://visionmarinetechnologies.com.
Investor and Company Contact:
Vision Marine Technologies, Inc.
RedChip Companies Inc.
800-RED-CHIP (733-2447) or 407-491-4498
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Vision Marine Technologies Inc. distributed this substance on 21 May 2021 and is exclusively answerable for the data contained in that. Conveyed by Public, unedited and unaltered, on 21 May 2021 18:06:01 UTC.