Vision Marine Technologies and Massimo Marine Announce Production Partnership for First Commercial Electric Pontoon Platform

December 1, 2024

Montreal, Canada – December 1, 2024 – Vision Marine Technologies Inc. (the “Company”, “Vision Marine”, “we”, “us”, “our”) (Nasdaq: VMAR), a pioneer in electric marine propulsion, has entered into a milestone partnership with Massimo Marine, the marine division of Massimo Group (Nasdaq: MAMO). This collaboration will produce a fully integrated 30-foot electric pontoon platform designed for commercial and recreational markets. As part of Vision Marine’s strategic shift to offer complete electric boats directly to consumers, this partnership represents a key step in rapidly delivering high-quality electric marine products to market.

The U.S. pontoon boat market is a growing one. In 2023, pontoon boat sales reached 115,000 units, a 5% increase over 2022 (source). This robust market growth reflects the demand for versatile and family-friendly watercraft. Vision Marine brings extensive expertise to this partnership, with years of experience successfully integrating electric propulsion systems into various boat designs. This unique knowledge ensures that the new electric pontoon platform will meet the highest standards of performance, efficiency, and reliability for both recreational and commercial use.

“This product is the result of years of requests from nautical bases and operators who have been asking for a reliable, turn-key electric solution,” said Alexandre Mongeon, CEO of Vision Marine. “With this partnership, we aim to bridge the gap efficiently, delivering what the industry has long demanded. By combining our world-record-breaking, third party-tested technology with Massimo Marine’s manufacturing capabilities, we’re creating a solution that is as dependable as it is innovative.”

Massimo Marine’s advanced production facilities in Garland, Texas, are expected to play a pivotal role in delivering these electric pontoons to market efficiently and at scale. “We’re proud to be partnering with Vision Marine’s innovative propulsion solution in brining truly efficient electric propulsion systems to the commercial and recreational space,” said David Shan, CEO of Massimo Group. “This collaboration showcases our shared commitment to innovation and sustainability, providing customers with high-performance electric pontoons through Vision Marine’s factory-direct distribution along with our networks.”

By offering a turn-key product through Vision Marine’s direct-to-consumer approach and Massimo Marine’s extensive distribution network, the Company and Massimo Marine believe that this partnership will greatly enhance its accessibility to electric boating solutions.

This collaboration is more than a production partnership—the Company and Massimo Marine believe that it’s a leap toward transforming the marine industry. By addressing the growing demand for zero-emission solutions and offering eligibility for grants and incentives at city, state, and federal levels, this electric pontoon platform can position itself as a cornerstone in sustainable marine transportation.

About Vision Marine Technologies Inc.

Vision Marine Technologies Inc. (NASDAQ: VMAR) is a pioneer in electric boating, recognized for its innovative E-Motion™ Electric Marine Powertrain Technology that offers a superior, zero-emission boating experience. With proprietary, turn-key electric solutions, Vision Marine combines cutting-edge technology, high-performance propulsion, and eco-friendly systems. The company has broken multiple electric world speed records, showcasing its commitment to pushing the boundaries of performance. Vision Marine is leading the transformation of the marine industry with unmatched power and efficiency for a cleaner future on the water.

About Massimo Marine

Massimo Marine, a subsidiary of Massimo Group (NASDAQ: MAMO), was established in Garland, Texas, in 2018. Massimo Marine manufactures and sells Ultra Luxury Pontoon and Tritoon boats. Massimo Marine is dedicated to innovative design, quality craftsmanship, and great customer services. We are changing the game in the pontoon, tritoon, and fishing boat world by raising the bar when it comes to innovation and features, all of which have helped make Massimo Marine a proven leader in the industry. Every year, we introduce new features, designs, and standard options for our boats that set us apart; while always ensuring we offer our customers pricing advantages that will allow them to have the best boating experience possible.

Forward-Looking Statements

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered future events or trends, not relating to historical matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine’s Annual Report on Form 20-F for the year ended August 31, 2023, and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. Vision Marine does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, as required by law.

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