Vision Marine Technologies, a Canadian manufacturer of electric powerboats and outboard powertrain systems, filed on Thursday with the SEC to raise up to $18 million in an initial public offering.
The company generates most of its revenue from sales of its electric powerboats. It currently offers four models and is preparing to launch a fifth. It manufactured 46 powerboats in the last fiscal year and expects to manufacture approximately 150 powerboats in the 12 months following the closing of the offering. It has yet to commercialize its electric powertrains, though it has letters of intent from original equipment manufacturers indicating interest in purchasing 186 powertrains for the first 12 months following introduction.
The Quebec, Canada-based company was founded in 2012 and booked $2 million in sales for the 12 months ended February 29, 2020. It plans to list on the Nasdaq under the symbol VMAR. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
