Vision Marine Technologies Achieves European CE Certification for E-Motion(TM) Equipped Electric Boat

Rhea-AI Summary

Vision Marine Technologies (Nasdaq:VMAR) has announced that one of their boats equipped with the E-Motion™ 180E Electric Marine HV Powertrain has received CE certification for European conformity. This certification represents a significant step in the company's European market expansion strategy.

The global electric boats market is projected to grow from $3.3 billion in 2023 to $7.7 billion by 2030, with a CAGR of 13.0%. The European market specifically is expected to expand from $2,090.69 million in 2022 to $4,404.83 million by 2028, at a CAGR of 13.2%.

The CE certification validates the E-Motion™ system's performance and reliability, potentially encouraging European manufacturers to adopt Vision Marine's electric propulsion solutions. The company sees this as a strategic advantage in the European market, where there is growing demand for sustainable boating solutions.

Positive

• Obtained CE certification for E-Motion™ 180E system, enabling European market access
• Targeting fast-growing European electric boat market worth $2.09B in 2022
• Operating in a global market projected to reach $7.7B by 2030 with 13% CAGR

Negative

• None.

MONTRÉAL, QC / ACCESS Newswire / January 31, 2025 / Vision Marine Technologies Inc. (the "Company", "Vision Marine", "we", "us", "our") (Nasdaq:VMAR), a leading innovator in electric marine propulsion, proudly announces that one of our boats integrated with our groundbreaking E-Motion™ 180E Electric Marine HV Powertrain has successfully received "CE" certification or European conformity. This milestone marks Vision Marine's strategic push toward greater penetration in the European market with its electric marine powertrain products, showcasing its product's readiness to meet the European Economic Area's demand for sustainable and high-performance boating solutions.

Vision Marine Technologies
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Our "CE" certification is a pivotal step in Vision Marine's European strategy. After numerous successful integrations of the E-Motion™ 180E system into boats produced by European manufacturers, obtaining "CE" certification on this first boat was the logical progression to obtain compliance with the region's rigorous standards.

The European marine industry appears to be at the forefront of electric propulsion adoption, driven by a strong emphasis on sustainability and regulatory support. Market research projects the global electric boats market to expand from USD $3.3 billion in 2023 to USD $7.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 13.0% (MarketsandMarkets). Europe's own market, valued at USD 2,090.69 million in 2022, is forecasted to grow to USD $4,404.83 million by 2028 at a CAGR of 13.2% (Business Market Insights). We believe Vision Marine's ability to align with this market shift may position its cutting-edge E-Motion™ system as a key enabler for manufacturers striving to meet these evolving demands.

This certification milestone highlights the importance of the European market for Vision Marine Technologies, where we believe the rapid adoption of electric propulsion underscores the growing potential for advanced solutions. Achieving CE certification eliminates a significant barrier for manufacturers, signaling Vision Marine's readiness to provide innovative and what we believe to be reliable electric systems tailored to European standards. By aligning its engineering excellence with the region's evolving needs, we believe Vision Marine is well-positioned to support manufacturers in delivering next-generation marine products and capturing opportunities in the expanding global electric boating market. Moreover, this milestone further exemplifies Vision Marine's commitment to position itself in order to drive sustainable innovation and foster long-term growth within the European market with our electric propulsion solutions.
We believe this achievement validates our E-Motion™ 180E Electric Marine HV Powertrain system's performance, reliability, and compatibility, and is likely to encourage manufacturers to adopt Vision Marine's cutting-edge electric propulsion solutions as part of their product lines.

"Achieving CE certification is an important milestone for Vision Marine as we continue our expansion into the European market," noted Alexandre Mongeon, CEO of Vision Marine. "This accomplishment underscores our commitment to providing world-class electric powertrain systems that meet the highest standards of safety and performance. While we advance in Europe, we remain steadfast in pushing the boundaries of electric marine innovation in the American market."

About Vision Marine Technologies Inc.
Vision Marine Technologies, Inc. (NASDAQ: VMAR) is transforming the marine industry with its revolutionary E-Motion™ outboard powertrain system. Combining advanced battery technology, high-efficiency motors, proprietary software, and innovative assembly techniques, Vision Marine is driving the shift to sustainable, electric-powered recreational boating.

Forward-Looking Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements, expressed or implied, in this release are based only on information currently available to us and speak only as of the date on which they are made. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this release. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review a detailed discussion of these risks, in Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2024, and other periodic filings with the SEC. Vision Marine does not undertake any obligation to update or revise forward-looking statements other than as required by law.

Investor and Company Contact:
Vision Marine Technologies
Bruce Nurse (303) 919-2913
bn@v-mti.com

Website: visionmarinetechnologies.com
Twitter: @marine_vision
Facebook: @VisionMarineTechnologies
Instagram: @visionmarine.technologies
YouTube: @VisionMarineTechnologies

SOURCE: Vision Marine Technologies Inc.

View the original press release on ACCESS Newswire

FAQ

What does Vision Marine's CE certification mean for its European expansion?

The CE certification allows Vision Marine (VMAR) to sell its E-Motion™ 180E equipped boats in the European Economic Area, removing a significant barrier for market entry and enabling partnerships with European manufacturers.

What is the projected growth of the European electric boat market where VMAR will operate?

The European electric boat market is expected to grow from $2,090.69 million in 2022 to $4,404.83 million by 2028, with a CAGR of 13.2%.

How large is the global electric boats market that VMAR is targeting?

The global electric boats market is projected to grow from $3.3 billion in 2023 to $7.7 billion by 2030, with a CAGR of 13.0%.

When did Vision Marine (VMAR) receive its CE certification for E-Motion™ equipped boats?

Vision Marine Technologies announced receiving CE certification for its E-Motion™ equipped boat on January 31, 2025.