As the electric boat sector is projected to double in value in the next few years, companies operating in the industry are positioning themselves to meet — and even exceed — the expectations this growth could create. For example, Vision Marine Technologies (NASDAQ: VMAR), a global leader and innovator in the performance electric recreational boating market, has made two key announcements recently: the company unveiled its Phantom vessel, a new rotomolded, recyclable, and hard-to-damage boat (https://ibn.fm/n0Ytr), and it named an industry veteran as it transitions to the manufacturing and delivery phase (https://ibn.fm/O8OPk).
The global electric boats market is on the cusp of significant growth, with the market forecast to more than double in size, increasing from $3.3 billion in 2023 to $7.7 billion by 2030, reported ResearchandMarket.com (https://ibn.fm/0dMHk). “This remarkable expansion is set to soar at a compound annual growth rate (“CAGR”) of 13.0% from 2023 to 2030,” the report stated. “The driving force behind this surge is the escalating demand for advanced electrical systems in electric boats.
“The electric boats market is poised for transformation, driven by the increasing demand for sustainable transportation solutions, mounting environmental concerns and the evolution of electric propulsion technologies,” the report continued. “Electric boats, also referred to as e-boats or electrically powered vessels, replace traditional internal combustion engines with electric motors and batteries, delivering advantages in terms of efficiency, emissions reduction and operational cost savings.”
With that forecast in mind, Vision Marine’s unveiling of its newest e-boat offering, the Phantom, couldn’t have come at more opportune time. The company debuted the boat at the Miami International Boat Show 2024. The new vessel offers significant market advantages through its economic and environmental benefits. The company noted that the boat, which can comfortably seat up to 10 passengers, is engineered for efficiency. In addition, VMAR has the capacity to produce an estimated 300 units annually, with the potential to scale up to 1,500 units a year, at a cost that is 70% lower than that of fiberglass alternatives.
“We recognize a growing demand for rotomolded boats among our Florida clientele for several reasons,” said Roger Moore, the CEO of Nautical Ventures Marine Group, which has inked an exclusive distribution deal with VMAR. The Phantom’s affordability “enables entry-level ownership; they support both electric and gas motors, appealing to ecoconscious and traditional boaters alike; and their versatility makes the Phantom ideal for various activities, from fishing to leisure. With its 10-person capacity and maintenance-free design, the Phantom meets a wide range of needs.”
As Vision Marine gears up to meet industry demand for the new boat, the company’s new chief financial officer will bring invaluable expertise and insight. The company recently named Raffi Sossoyan as its new CFO, noting that the “strategic appointment marks a significant step as Vision Marine gears up for an ambitious phase focused on manufacturing, production, and delivery, underlining the company’s dedication to scaling its operations and enhancing its market footprint.”
Sossoyan has more than 25 years of experience in global financial and operational leadership. Most recently, he served as vice president of corporate treasury at Velan Inc., a Canadian multinational company. While there, Sossoyan managed financial operations amid global sales exceeding $370 million. Prior to that, as CFO at Valtech Fabrication Inc., he oversaw worldwide sales that totaled more than $50 million.
“Raffi’s robust experience in finance and operations within publicly listed companies, particularly his success at a TSX-listed entity, aligns perfectly with our strategic objectives as we escalate our manufacturing and delivery initiatives,” said CEO Alex Mongeon. “His leadership will be instrumental in fortifying Vision Marine’s financial strategies during this critical phase of our expansion.”
These two recent announcements underscore the Vision Marine Technologies commitment to leading the shift toward electric propulsion in the marine industry, fostering sustainability and achieving superior performance through its innovative E-Motion(TM) technology.
For more information, visit the company’s website at www.VisionMarineTechnologies.com.
NOTE TO INVESTORS: The latest news and updates relating to VMAR are available in the company’s newsroom at https://ibn.fm/VMAR
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