Canadian electric boatbuilder secures US$2m investment

Feb 28, 2023

Marine Industry News from the UK recently reported that Canada-headquartered electric boatbuilder Vision Marine Technologies has entered into a definitive agreement with an unnamed investor, to sell almost half a million shares in a deal worth around US$2m.

Vision Marine has confirmed the issuance and sale of 475,059 of its common shares for a price of US$4.21 per share in a registered direct offering.

Additionally, Vision said in a statement that it would issue the investor warrants to purchase up to 475,059 common shares in a concurrent private placement. The warrants will have an exercise price of $4.21 per share, will be exercisable six months following the issuance date, and will expire three years following the issuance date.

Roth Capital Partners served as the sole placement agent for the transaction, which closed yesterday (21 February 2023).

Vision Marine says it intends to use the net proceeds from the offering for working capital and general corporate purposes.

In October, Vision Marine revealed it is launching what it describes as a ‘100 per cent recyclable boat’, called the Phantom, for the US leisure marine market.

The boatbuilder has formed a partnership with Nautical Ventures Group as its sole and exclusive distributor of the fully recyclable rotomolded plastic boat for the state of Florida and a non-exclusive distributor dealership agreement for the US.

Vision has also recently partnered with a large franchisee of Freedom Boat Club (FBC), located in Florida, to supply five third-party pontoon boats equipped with its E-Motion 180E fully electric outboard motor and powertrain system.

In addition, Vision has joined with Groupe Beneteau to integrate Vision Marine Technologies outboard motors onboard several models across Groupe Beneteau’s brand portfolio.

Last year, the Canadian boatbuilder broke the 100mph speed barrier on an electric watercraft, achieving 109mph with its V32 race boat at the Lake of the Ozarks Shootout performance boat competition in the US.