|

Vision Marine Technologies, Inc. acquires EB Rental Ltd., bolstering its brand with entry into a burgeoning US addressable market

Jun 8, 2021

Vision Marine Technologies, Inc. (Nasdaq: VMAR) (“Vision Marine” or the “Company”) a leading manufacturer within the electric recreational boating industry, is pleased to announce the acquisition of EB Rental Ltd. (“EBR”) consisting of cash and stock. EBR is an electric boat rental company operating at Lido Marina Village in Newport Beach, California. EBR’s business is a high margin, profitable and rapidly growing electric rental boat operation which will provide Vision Marine the unique opportunity to showcase its disruptive electric technology and grow its brand recognition. Moreover, EBR represents a template to take advantage of a burgeoning US addressable market, growing at CAGR of more than 4%, and expected to reach approximately US$5 billion by 2027, according to Transparency Market Research. With this strategic vertically integrated acquisition, Vision Marine will have the unique advantage of further showcasing its proprietary new E-Motion™ powertrain system. 

Alexandre Mongeon, co-founder and CEO of Vision Marine, and affiliate of EBR, stated, “It is important to understand the strategic importance of this acquisition. EBR specifically, and the boat rental business in general, represents Vision Marine’s entry into a very profitable business, which will support our primary goal of becoming the #1 manufacturer of electric outboard engines and powertrains globally, while showcasing our full range of industry leading products and technology. Vision Marine intends to acquire other boat rental companies in North America, as well as in other select regions worldwide.” 

A long-term strategic plan 

By expanding its services to the rental industry, Vision Marine will interact with a much larger audience, while introducing recreational boaters to sustainable electric powertrain technology. 

Mongeon also added, “The acquisition plays into our strategic mandate of offering eco-friendly electric solutions to consumers as well as OEMs, as we build a global footprint in the race to electrify boating and clean up waterways.” 

Coast to coast rental operations 

Vision Marine is presently seeking to meaningfully expand its rentals operations, initially to the east coast, with numerous locations already identified. “A primary area of focus, quarterbacked by the very capable and highly experienced EBR senior management team, will be southern Florida. Florida is the leading boating state, as measured by US$23 billion retail sales of new boats, engines, and associated marine accessories, according to the National Marine Manufacturer Association (NMMA). This represents a market twice the size of California.” 

A profitable business with room to grow. 

With approximately 100,000 passengers every year and operating at full capacity, EBR is planning to increase its fleet by 15 boats. The current management of EBR will continue to oversee operations, provide turnkey operational expertise, and spearhead our repeatable and highly scalable plans for expansion. 

About Vision Marine Technologies 

Vision Marine Technologies, Inc.’s business mandate is to change and be a contributing factor in fighting the problem of waterway pollution by disrupting the legacy boating industry with electric power, contributing to zero pollution, zero emission, and a noiseless environment. 

Our flagship outboard powertrain (“E-Motion”) is the first fully electric 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 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. 

Vision Marine continues to design, innovate, manufacture, and sell our handcrafted, high performance, environmentally friendly, electric powerboats to recreational customers. The design and technology applied to our boats results in far greater and enhanced performance, higher speeds, and longer range. Simply stated, a smoother ride and a safer and enhanced user experience than a traditional ICE motorboat. 

 

Related Posts





Princecraft Boats upgrade their facilities with an investment of over $4 million for the addition of a powder coating line

CMRA

Princecraft boats on April 17, 2024, announced to their employees, a major investment in one of their three Princeville plants, which will include the installation of high-tech powder coating capabilities. The nearly $4 million upgrade marks the largest investment in Princecraft facilities since the early 2000s and will improve operational efficiency, product quality and better poise the company for response to demand.

Read More




Need to Catch up on News This Week?

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you’re looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

Not signed up for News Week? Subscribe here.



The Hydrobike, a key concept that embodies a vision for the future

DECATHLON, determined to erase the boundary between land and water, introduces its latest forward-thinking concept: the HydroBike. This innovation from the French sports giant aims to democratize access to nature while staying ahead in the transformation of their business model. 

The initial assessment: paddle sports are often inaccessible to less experienced individuals, assuming the acquisition of paddling skills.

Read More


ACR Electronics emergency beacons are designed with one purpose: to save lives.

Hubbell-Marine Stainless steel outlet covers

An all-encompassing and dependable set of vital resources, ACR GlobalFix V5 AIS RLS EPIRB Survival Kits ensure security and survival in waterborne emergencies. The most advanced EPIRB (Emergency Position Indicating Radio Beacon) available, the ACR GlobalFix V5 EPIRB combines 406 MHz satellite connectivity with Automatic Identification System (AIS) functionality.

Read More