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Vision Marine Technologies Inc. (the "Company", "Vision Marine", "we", "us", "our") (Nasdaq:VMAR), a leading innovator in electric marine propulsion, proudly announces that one of our boats integrated with our groundbreaking E-Motion™ 180E Electric Marine HV Powertrain has successfully received "CE" certification or European conformity. This milestone marks Vision Marine's strategic push toward greater penetration in the European market with its electric marine powertrain products, showcasing its product's readiness to meet the European Economic Area's demand for sustainable and high-performance boating solutions.
Our "CE" certification is a pivotal step in Vision Marine's European strategy. After numerous successful integrations of the E-Motion™ 180E system into boats produced by European manufacturers, obtaining "CE" certification on this first boat was the logical progression to obtain compliance with the region's rigorous standards.
The European marine industry appears to be at the forefront of electric propulsion adoption, driven by a strong emphasis on sustainability and regulatory support. Market research projects the global electric boats market to expand from USD $3.3 billion in 2023 to USD $7.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 13.0% (MarketsandMarkets). Europe's own market, valued at USD 2,090.69 million in 2022, is forecasted to grow to USD $4,404.83 million by 2028 at a CAGR of 13.2% (Business Market Insights). We believe Vision Marine's ability to align with this market shift may position its cutting-edge E-Motion™ system as a key enabler for manufacturers striving to meet these evolving demands.
This certification milestone highlights the importance of the European market for Vision Marine Technologies, where we believe the rapid adoption of electric propulsion underscores the growing potential for advanced solutions. Achieving CE certification eliminates a significant barrier for manufacturers, signaling Vision Marine's readiness to provide innovative and what we believe to be reliable electric systems tailored to European standards. By aligning its engineering excellence with the region's evolving needs, we believe Vision Marine is well-positioned to support manufacturers in delivering next-generation marine products and capturing opportunities in the expanding global electric boating market. Moreover, this milestone further exemplifies Vision Marine's commitment to position itself in order to drive sustainable innovation and foster long-term growth within the European market with our electric propulsion solutions.
We believe this achievement validates our E-Motion™ 180E Electric Marine HV Powertrain system's performance, reliability, and compatibility, and is likely to encourage manufacturers to adopt Vision Marine's cutting-edge electric propulsion solutions as part of their product lines.