Electric boat and outboard company Vision Marine Technologies announced the closing of its initial public offering of 2.76 million common shares, raising $27.6 million before expenses.
The company says its plans to reinvest net proceeds into building up its inventory, R&D, developing rental operations for its line of electric boats and for robust sales and marketing efforts.
Founded in 1995, Vision Marine Technologies builds five vessels from 15 to 29 feet that are exclusively powered by electric propulsion. While the company has used Torqeedo outboards in the past, it introduced its flagship E-Motion outboard motor earlier this year.
The company says its E-Motion outboard — rated at 135kW, about 180 hp — is an industry-first, combining a battery pack, inverter, and high-efficiency motor with “proprietary union assembly between the transmission and the electric motor design and extensive control software.”
The outboard will tip the scales at 413 pounds; for comparison, a 175-hp Yamaha F175 weighs 483 pounds.
According to Vision Marine, the E-Motion outboard will be available in the fall of 2021.