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RICHMOND, Calif. - Octillion Power Systems announced today it has expanded its partnership with Vision Marine Technologies Inc. (NASDAQ:VMAR), a small-cap marine technology company with a market capitalization of $7 million, to manufacture high-voltage lithium-ion battery packs for marine propulsion systems at its Reno, Nevada facility. According to InvestingPro data, Vision Marine maintains a healthy balance sheet with more cash than debt and a strong current ratio of 3.93x.
Under the agreement, Octillion will produce Vision-branded battery packs for the E-Motion 180E electric outboard system exclusively for U.S. market distribution. The batteries are designed specifically for electric marine propulsion and built to withstand harsh marine environments. This partnership comes at a crucial time as Vision Marine faces challenging market conditions, with InvestingPro analysis showing a 68% year-over-year revenue decline and analysts forecasting continued sales pressure in the current year.
"As Vision accelerates its growth in the U.S. market, we’re excited to power their next chapter in performance electric boating by providing our battery technology and manufacturing expertise," said Paul Beach, Global President of Octillion.
The California-based battery supplier will provide Vision Marine with U.S.-based production capabilities, which the companies say will enable faster and more cost-efficient manufacturing and distribution.
According to the companies, the new Vision-branded battery systems will offer increased power, extended range, and improved overall performance compared to current products.
"Manufacturing in Reno, Nevada further enables us to scale faster via a centrally located supply chain," said Alexandre Mongeon, CEO of Vision Marine Technologies.
Octillion operates 11 manufacturing facilities across the United States, India, and China. The company reports it has delivered more than 2 million electric vehicle battery systems to clients over its 16-year operating history.
The announcement was made in a press release statement issued by Octillion Power Systems. Vision Marine’s stock, which currently trades below its Fair Value according to InvestingPro analysis, has experienced significant volatility over the past year. Investors seeking deeper insights into Vision Marine’s financial health and growth prospects can access over 12 additional ProTips and comprehensive financial metrics through InvestingPro’s advanced analytics platform.
In other recent news, Vision Marine Technologies Inc. announced the promotion of Daniel Rathe to Chief Technical Officer as the company shifts from product development to commercial deployment of its electric marine propulsion systems. This transition is marked by the completion of the E-Motion 180E high-voltage electric powertrain, validated with McLaren Engineering. Vision Marine is leveraging its acquisition of Nautical Ventures Group Inc. to support the U.S. boat market through nine dealers across Florida. Nautical Ventures has shown a five-year EBITDA compound annual growth rate exceeding 20%. Additionally, the company’s E-Motion 180E system has been approved for California’s Clean Off-Road Equipment Voucher Incentive Project, making it eligible for up to $170,000 in per-unit vouchers. This approval allows Vision Marine to potentially accelerate adoption among California’s approximately 4,400 commercially operated vessels. The CORE program, funded by California’s Cap-and-Trade program, aims to reduce the upfront cost of zero-emission off-road equipment. Vision Marine’s announcement highlights growing government support for electrification initiatives in states with strict emissions regulations.
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