GARLAND, Texas - Massimo Group (NASDAQ: MAMO), a powersports vehicles and pontoon boats manufacturer, has teamed up with Vision Marine Technologies Inc (Nasdaq: VMAR) to produce a 30-foot electric pontoon platform aimed at both commercial and recreational markets. The partnership, announced today, will integrate Vision Marine's E-Motion™ 180E Powertrain System with Massimo Marine's pontoon boats. Vision Marine, currently trading near its 52-week low with a market capitalization of $1.72 million, has seen its revenue decline by 29% over the last twelve months.
The U.S. pontoon boat market, which saw a 5% increase in sales reaching 115,000 units in 2023, is expected to benefit from this collaboration due to the growing demand for environmentally friendly watercraft. Vision Marine's experience in electric propulsion systems promises to deliver a product that meets high standards of performance and reliability. According to InvestingPro analysis, Vision Marine's stock is currently trading below its Fair Value, though investors should note the company's rapid cash burn rate.
Alexandre Mongeon, CEO of Vision Marine, expressed that the new electric pontoon platform is a response to the industry's call for dependable electric solutions. David Shan, CEO of Massimo Group, highlighted the role of Massimo Marine's advanced production facilities in efficiently delivering these electric pontoons to the market.
This partnership aims to transform the marine industry by addressing the increasing demand for zero-emission solutions and potentially benefiting from grants and incentives at various government levels. By combining direct-to-consumer sales and an extensive distribution network, Massimo and Vision Marine intend to enhance the accessibility of electric boating solutions.
The collaboration is seen as a significant move towards sustainable marine transportation, with both companies emphasizing their commitment to innovation and sustainability. The information for this article is based on a press release statement.
In other recent news, Vision Marine Technologies completed a public offering, raising $3.4 million through the sale of 3.4 million common shares at $1.00 each. The proceeds are set to primarily support working capital and fund patent applications, with potential future investments in complementary businesses or technologies. The offering was conducted with ThinkEquity serving as the sole placement agent.
In addition to this, Vision Marine has declared a 15-for-1 reverse stock split, approved by its Board of Directors, to meet Nasdaq's minimum bid price requirement. This action will consolidate every fifteen common shares into one, adjusting outstanding equity awards and shares under equity incentive plans accordingly.
Furthermore, Vision Marine has announced a strategic partnership with Florida-based JetRide Holding, LLC, aiming to expand its reach in the electric boat rental market. This alliance plans to introduce Vision Marine's E-Motion™ Electric Powertrain to renters through JetRide's extensive network across Florida.
In line with their commitment to innovation, Vision Marine continues to expand its intellectual property portfolio, filing several patents integral to its E-Motion™ Marine Powertrain Technology. These recent developments underscore Vision Marine's commitment to sustainability in the electric boating industry.
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