Benzinga | Jun 29, 2021 07:32AM EDT

Vision Marine Technologies Fast Tracks Commercialization of our E-Motion Electric Powertrain with Up to CAD $1.72M in Grants Secured from the Government of Quebec

Vision Marine Technologies, Inc. (NASAQ: VMAR) ("Vision Marine" or the "Company"), announced today that the government of Qu?bec through Investissement Qu?bec (IQ), an important catalyst for the Province of Quebec economic development, granted up to $1.72 million (CAD), in the form of a non-refundable contribution to fast track commercialization of the E-Motion(tm) 180.

"I am honored and proud of what my team has been able to accomplish in such a short period of time. We have been able to demonstrate that our proprietary technology will be a disrupter within the industry. This grant will help to allow us to equip watercraft from major manufacturers to showcase E-Motion's(tm) performance and range," said Alexandre Mongeon, co-founder and CEO of Vision Marine.

The objective of this financial assistance from the government of Qu?bec is to assist Qu?bec companies that develop and market innovative clean technologies to remain at the forefront in their respective fields, and to augment business opportunities in national and international markets. Vision Marine will continue to showcase its groundbreaking E-Motion(tm) powertrain system utilizing a new integrated outboard system for electric boats at 180 HP, with energy efficiency of 95%.

Key aspects of Vision Marine's proprietary E-Motion(tm) technology:

* Dramatic increase in efficiency, horsepower.

* Extended range.

* Zero reliance on fossil fuels.

* Noiseless engine.

* Sustainable solution with zero direct emission.

* E-Motion(tm) delivers an exhilarating experience due to its high ratio of torque to horsepower.

* 90% reduction in fuel and maintenance cost.

With this milestone achieved, Vision Marine continues to solidify its position as the global market leader and innovator in electric outboard engines. Most outboard engines being purchased in North America are between 100 and 300 horsepower. This gives Vision Marine's E-Motion(tm) a notable advantage as the only manufacturer offering a true alternative to traditional gasoline or diesel engines.