MONTREAL, QC - June 19, 2025 - Vision Marine Technologies Inc. (NASDAQ: VMAR), a developer of high-performance electric marine propulsion systems, announced today that its flagship E-Motion™ 180E powertrain has been approved for inclusion in California's CORE (Clean Off-Road Equipment) Voucher Incentive Project.
Key Highlights
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Vision Marine's E-Motion™ 180E propulsion kits approved under California's CORE (Clean Off-Road Equipment) program
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Up to $170,000 per vessel in state-funded vouchers available for qualifying fleet operators
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Applies to both new electric boat builds and retrofit conversions using Vision Marine's certified installers
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California market includes approximately 4,400 commercially operated vessels across sectors such as ferries, harbor patrol, tour boats, rentals, and service craft
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Approval aligns with broader industry momentum toward electrification, strengthening Vision Marine's market position
This approval makes Vision Marine's propulsion kits eligible for point-of-sale vouchers of up to $170,000 per unit, substantially reducing the cost of adopting electric propulsion for organizations modernizing their fleets.
"This represents a major milestone for Vision Marine, significantly enhancing our market position and accelerating our ability to drive widespread adoption of electric propulsion technology," said Alexandre Mongeon, CEO of Vision Marine Technologies.
California: A Strategic Market for Marine Electrification
California operates one of the largest and most dynamic commercially operated marine sectors in North America. With approximately 4,400 vessels in use across ferry services, water taxis, harbor patrol, tour operations, and rental businesses, the state presents a significant opportunity for electrification. Many of these segments are actively seeking clean alternatives to gas and diesel propulsion due to emissions regulations and increasing demand for quieter, lower-maintenance vessels.
Vision Marine's E-Motion™ 180E system-now listed under CORE-offers a compliant, high-performance solution for operators upgrading existing boats or commissioning new electric vessels.
Market Impact and Sales Potential
With this approval, Vision Marine can now offer its E-Motion™ 180E propulsion kits to eligible buyers with substantial financial support from the CORE program. Both new electric vessels and repower conversions are supported when completed by certified Vision Marine technicians and installers.
As the only 180 HP continuous electric powertrain listed under CORE, Vision Marine stands to benefit from increased demand across a wide range of commercial use cases. The company's commercial readiness, field-tested product, and established presence in California position it well to respond to immediate regional fleet electrification needs.
This milestone also comes as the global marine industry rapidly shifts toward clean propulsion. The combination of policy-driven funding and organic market demand creates a powerful tailwind for Vision Marine Technologies.
"California has long been a bellwether for clean technology adoption," added Mongeon. "Our CORE approval enhances our visibility and competitiveness in this key market, while reinforcing our ability to scale as electrification expands across North America."
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR) is a leader in high-performance electric marine propulsion. Its flagship E-Motion™ 180E system delivers 180 HP of continuous power through a fully integrated, scalable electric powertrain platform. Built for reliability and commercial-grade use, Vision Marine's solutions serve OEMs, fleet operators, government agencies, and rental services across North America.
For more information, visit: www.visionmarinetechnologies.com
About the CORE Program
The Clean Off-Road Equipment (CORE) Voucher Incentive Project is administered by the California Air Resources Board (CARB) and funded by the state's Cap-and-Trade program. CORE provides point-of-sale vouchers that help reduce the upfront cost of zero-emission off-road equipment, including marine technologies. The program is designed to accelerate the adoption of cleaner equipment and support California's climate and air quality goals.
To learn more, visit: www.californiacore.org
Forward-Looking Statements
Certain statements in this press release, including, but not limited to, statements regarding the anticipated benefits of the exclusive supply agreement, market expansion, and future events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Vision Marine disclaims any obligation to update these statements except as required by law. Actual results may differ materially from those expressed or implied. For a detailed discussion of these risks, refer to Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2024, and other periodic filings with the SEC. Vision Marine does not undertake any obligation to update or revise forward-looking statements other than as required by law.
Investor Relations Contact:
Vision Marine Technologies Inc.
Bruce Nurse - Investor Relations
(303) 919-2193
Website: visionmarinetechnologies.com
Twitter: @marine_vision
Facebook: @VisionMarineTechnologies
Instagram: @visionmarine.technologies
YouTube: @VisionMarineTechnologies
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