Vision Marine Technologies, formerly the Canadian Electric Boat Company, today announced the closing of its Initial Public Offering (IPO) of 2,760,000 common shares at a price of US$10.00 per share, which includes 360,000 shares sold upon full exercise of the underwriter’s option to purchase additional common shares.
The gross proceeds from the offering, including the exercise of the over-allotment option, were US$27,600,000, before deducting underwriting discounts, commissions and offering expenses.
The electric boat company was founded in 2012 in Quebec, Canada and has built and offered a variety of electric boats since then, ranging from the classic cruising style Fantail to the Volt 180 and Phoenix 290. They are also involved with a number of electric boat rental companies.
The name Vision Marine Technologies reflects their plan to move beyond ‘just boats. and be a technology company at the forefront of the electric marine propulsion market in every aspect.
Vision Marine developing new electric powertrain
The Volt 180 hit a speed of 30mph (48kmh / 26 kts) to set a record for the electric boat competition in the famed Lake of the Ozarks Shootout races in August last year. The Phoenix, a 19 foot, ten passenger open boat, was introduced at the Miami Boat Show back in February (remember February !) at the 2020 Miami Boat Show.
Both of the high speed boats have been powered by Torqeedo Deep Blue outboards, and the company also uses motors from Piktronik, ePropulsion, E-tech and Minn-Kota – but in the prospectus for the IPO Vision Marine outlined plans for its own electric outboard powertrain, the E-motion:
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
The first of the E-motion electric outboard systems will have a peak power of 135kW / 180 HP and continuous power of 9kW / 120 HP. The motor itself will weigh in at 188 kg / 413 lbs and will be powered by lithium batteries. It appears that the powertrains will be assembled using components from different companies, with the motors purchased from UQM Technologies and Dana TM4.
The business plan is to market the powertrains to Original Equipment Manufacturers (OEMs) rather than the public, and they have received Letters Of Intent from OEMs for 186 powertrains in the first year of production growing to 504 powertrains for the year ended August 31, 2024.
Latest electric boat company to raise significant money
This IPO is just the latest example of the growing interest in electric boating from investors and the public at large. Most other companies have gone the route of crowdfunding campaigns to raise capital, but some of those campaigns have allowed the public to acquire equity.
OceanVolt
The Finnish company, one of the pioneers and great innovators of electric boat motors, used the Invesdor crowdfunding platform to blow past its original €600k target to raise €2M in May of 2019. Then this past September another equity crowdfunding was well above target on its opening day and ended up closing with investments of € 2.25M.
GreenStar Marine
Sweden’s GreenStar Marine, another motor company that focuses largely on the sailing market, went over its target by 230% with 314 investors contributing €480k for 4.66% of the company’s shares.
DeepSpeed
Italy’s DeepSpeed has a revolutionary electric hydrojet motor, the promise of which has driven the company’s capitalization from € 2.1M in 2019 to € 13.5M currently. That includes a crowdfunder that reached its goal within 48 hours and netted €520K in just 10 days.
X Shore
The Swedish electric boat company is another that participated in the crowdfunding market, raising €1.5M in October of 2019. That was followed by a private investment of €5M (US$ 5.7M) from a group led by veterinary hospital executive Peter Dahlberg.
Congratulations to Vision Marine Technologies. The electric boat market in 2012 was nowhere near what it is now and Executives Alexandre Mongeon, Patrick Bobby and Robert Ghetti have been instrumental in building awareness of the benefits of electric boats.
The company is now in an excellent position to reap the rewards of their work as the market evolves and grows. As noted in their prospectus, it is anticipated that sales of electric boats and motors will almost triple in the next few years, from about US$4.5 billion in 2018 to US$12.32 billion in 2027.

Mr. Glynn joined Maid of the Mist in 1950 as a ticket seller and purchased the company in 1971. Now 86 years old, he was at the private launching ceremony on Monday and told NPR (National Public Radio) “My first job at the Maid was having a palm of pamphlets. I gave you a pamphlet and a ticket and I asked for a dollar. The ticket was 90 cents for the boat and ten cents for the elevator.”
Along with the propulsion makeover she received a bright hull mural depicting various ocean animals designed by world renowned indigenous artist Alan Syliboy of the Mi’kmaq (pronounced meeg mah) First Nations. The vibrant images, inspired by Mi’kmaq petroglyphs, were made into a hull wrap by Mattatall Signs. The new name of the boat, ‘Alutasi‘ is Mi’kmaq for ‘a boat that guides to the best fishing’
There was a big desire for an all electric system, but hybrid was chosen partly for safety back-up reasons and also because the Alutasi has to navigate two very different types of waters each trip – those of the Halifax Harbour and the deep fishing waters of the Atlantic Ocean itself. The diesel will be used for fast transit in the harbour and the electric motor for the majority of each trip.
Tests have been done on both greenhouse gas and noise emissions using different loads and three different propellers – one new, one in-use and one damaged. It’s estimated that the new system will cut greenhouse gas emissions by 40% and underwater radiated noise by 40-60% for a typical trip.
What the group did is experiment with the carbon coating that is applied to cathodes to improve capacity. This is a science unto itself. Cobalt is mixed with manganese, nickel or aluminum in the cathode, and some companies coat the crystals of the whole alloys.
‘Cathode producer’ is the key here. There are three main parts to a battery – the electrolyte, anode and cathode. The anode (the negative pole of the battery) and electrolyte (the part the ions flow through from one pole to the other) haven’t changed much in a Li-ion battery since 1991. The anode is carbon based and the electrolyte is a lithium salt dissolved in a liquid or gel. On the other hand the cathode (positive pole) has seen a lot of changes and comes in many variations.
What the Nano One process does is take that a step further, by coating individual nano-crystals in the cathode material, not clumps of the material. It is called the ‘One Pot Process’ because it also does it in a different way. To be simplistic, all of the cathode metals can be mixed together with the coating material and everything ‘cooked’ all at once in a kiln. The standard process requires two kiln firings over a course of days while the one pot process only takes a few hours.
Nano One’s Chief Technical Officer, Dr. Stephen Campbell, says the largest single challenge “is to design a stable and commercially viable interface between the solid electrolyte, of polymer, ceramic or glass composition, and the solid cathode and anode materials on either side of this electrolyte”. Nano One and (unnamed) automotive companies recently announced that tests they performed on solid state batteries of differing compositions had ‘positive results’.