Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - December 3, 2024) - Investorideas.com, a go-to investing platform covering electric vehicle stocks issues a snapshot on the future of the electric boating market and some of the partnerships moving the sector forward, featuring Vision Marine Technologies Inc. (NASDAQ: VMAR), a pioneer in electric marine propulsion.
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https://www.investorideas.com/News/2024/renewable-energy/12030Electric-Boat.asp
According to a recent study by Future Market Insights, "The global electric boats market is on a rapid growth trajectory, expected to expand at a Compound Annual Growth Rate (CAGR) of 10.4% from 2023 to 2033. The market value is projected to rise from USD 5.6 billion in 2023 to an impressive USD 15.1 billion by 2033."
"2034 is projected to pose a demand for electric boats that will be 2.7 times higher than the present value."
Looking at some of the recent news in the sector, partnerships and collaborations are a key factor for potential growth moving forward.
Vision Marine Technologies Inc. (NASDAQ: VMAR), just announced it entered into a milestone partnership with Massimo Marine, the marine division of Massimo Group (NASDAQ: MAMO). This collaboration will produce a fully integrated 30-foot electric pontoon platform designed for commercial and recreational markets. As part of Vision Marine's strategic shift to offer complete electric boats directly to consumers, this partnership represents a key step in rapidly delivering high-quality electric marine products to market.
Massimo Marine was established in Garland, Texas, in 2018 and manufacture and sell Ultra Luxury Pontoon and tritoon boats. Massimo Group is a manufacturer and distributor of powersports vehicles and pontoon boats.
The US pontoon boat market is a growing one. In 2023, pontoon boat sales reached 115,000 units, a 5% increase over 2022 (https://pontoonboatguy.com/). This robust market growth reflects the demand for versatile and family-friendly watercraft. Vision Marine brings extensive expertise to this partnership, with years of experience successfully integrating electric propulsion systems into various boat designs. This unique knowledge ensures that the new electric pontoon platform will meet the highest standards of performance, efficiency and reliability for both recreational and commercial use.
"This product is the result of years of requests from nautical bases and operators who have been asking for a reliable, turn-key electric solution," said Alexandre Mongeon, CEO of Vision Marine. "With this partnership, we aim to bridge the gap efficiently, delivering what the industry has long demanded. By combining our world-record-breaking, third party-tested technology with Massimo Marine's manufacturing capabilities, we're creating a solution that is as dependable as it is innovative."
Massimo Marine's advanced production facilities in Garland, Texas, are expected to play a pivotal role in delivering these electric pontoons to market efficiently and at scale. "We're proud to be partnering with Vision Marine's innovative propulsion solution in brining truly efficient electric propulsion systems to the commercial and recreational space," said David Shan, CEO of Massimo Group. "This collaboration showcases our shared commitment to innovation and sustainability, providing customers with high-performance electric pontoons through Vision Marine's factory-direct distribution along with our networks."
By offering a turn-key product through Vision Marine's direct-to-consumer approach and Massimo Marine's extensive distribution network, the Company and Massimo Marine believe that this partnership will greatly enhance its accessibility to electric boating solutions. This collaboration is more than a production partnership - the Company and Massimo Marine believe that it's a leap toward transforming the marine industry. By addressing the growing demand for zero-emission solutions and offering eligibility for grants and incentives at city, state, and federal levels, this electric pontoon platform can position itself as a cornerstone in sustainable marine transportation.
Vision Marine Technologies Inc. is a pioneer in electric boating, recognized for its innovative E-Motion Electric Marine Powertrain Technology that offers a superior, zero-emission boating experience. With proprietary, turn-key electric solutions, Vision Marine combines cutting-edge technology, high-performance propulsion, and eco-friendly systems. The company has broken multiple electric world speed records, showcasing its commitment to pushing the boundaries of performance. Vision Marine is leading the transformation of the marine industry with unmatched power and efficiency for a cleaner future on the water.
In mid -November Vision Marine Technologies Inc. (NASDAQ: VMAR), also announced a new production initiative with Smoker Craft Inc., a US-based pontoon manufacturer known for its precision engineering and advanced manufacturing capabilities. This collaboration is expected to produce a state-of-the-art pontoon platform specifically designed to integrate Vision Marine's high-performance (180 HP) electric propulsion systems, specifically the pontoon-designed P-Powerpack. We believe the powerpack will merge cutting-edge technology and exceptional craftsmanship into a transformative product for the marine industry.
Looking at the battery side of electric boating, earlier this year Microvast Holdings, Inc., a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, announced a strategic partnership with Evoy, a Norwegian company specializing in high-output electric motor systems for boats. The collaboration with Evoy is Microvast's debut in the electric boat segment and marks an expansion of Evoy's battery options for diverse market applications.
From the news: Evoy will be integrating Microvast MV-I high-power battery packs into their leisure boat product line. The MV-I battery pack offers a range of environmental and technical benefits, such as fast responsive torque for quick acceleration. Other key benefits include:
Enhanced Safety and Reliability-The self-contained, integrated cooling plate of the MV-I battery pack offers enhanced safety and reliability in boat applications. In addition to quiet, low maintenance operation, Evoy's integration of MV-I battery packs will help foster a safer environment for natural resources and marine life. Microvast-powered Evoy motors will provide an exhaust and fuel free power solution that reduces noise, air, and water pollution.
Innovative Lightweight Design-The MV-I battery pack combines a lightweight design with innovative lithium-Ion technology, increasing energy density by up to 180 Wh/kg. This groundbreaking design maintains the robustness required for boat applications, supporting Evoy's commitment to high-performance electric boating.
The electric boat future also expands into the defense sector with General Dynamics Electric Boat Division's partnership with Austal Limited.
In September Austal Limited announced that Austal USA was awarded a US$450 million (approx. A$670 million) contract by General Dynamics Electric Boat. The contract will enable Austal USA to expand production capacity at its US shipyard in support of the U.S. Navy Submarine Industrial Base (SIB).
From the news: This contract award will fund Austal USA to enhance its existing infrastructure by designing, constructing and outfitting a new module fabrication and outfitting facility at its Mobile shipyard to support the U.S. Navy goal of delivering one Columbia-class and two Virginia-class submarines annually. Construction of the new building will start this US autumn and be complete in 2026.
When fully operational, the building will support approximately 1,000 jobs and provide capability to fabricate, outfit, and transport submarine components.
Continued: Austal Limited Chief Executive Officer Paddy Gregg noted this contract award is a testament to the growing partnership with General Dynamic Electric Boat and demonstrates its confidence in Austal USA as a valuable industry partner for these two important U.S. Navy submarine programs.
"General Dynamics Electric Boat has recognized that Austal USA is a solid partner to deliver high-quality components for Virginia- and Columbia-class submarines. This growing partnership demonstrates confidence in Austal USA's commitment to meet the needs of the U.S. maritime industrial base and support the most critical needs of the U.S. Navy," Mr. Gregg said.
Austal is Australia's global shipbuilder and defence prime contractor designing, constructing and sustaining some of the world's most advanced commercial and defence vessels.
Looking at the future of the electric boats and ships market, Future Market Insights notes, "Key players in the industry include FRAUSCHER BOOTSWERFT GmbH & Co KG, Duffy Electric Boat Company, RAND Boats ApS, Echandia, Lillebror Marine, and Vision Marine Technologies (NASDAQ: VMAR)."
They also report, "Key players in the electric boats system are actively enhancing their capabilities and resources to cater to the growing demand across diverse applications. Leading companies are leveraging partnerships and joint venture strategies to co-develop innovative products and bolster their resource base."
With that, Vision Marine Technologies partnership news appears to be sailing the Company in the right direction for the sector.
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