Vision Marine Technologies [NASDAQ: VMAR] announced the purchase of the intellectual assets of MAC Engineering. The firm has bought the assets which have related to marine outboard electronic systems. This buying move will reinforce the leadership position of Vision Marine in electric boat powertrains.
MAC Engineering is the recognized architect of propulsion and battery management systems and parts for EVs. As per the deal, Vision Marine has purchased all of the electric technological parts of MAC, knowledge, and software pertaining to the production, use, sale, leasing, and delivery of marine outboard electronic systems.
The firm has disclosed that the CEO of MAC Engineering will be entering Vision Marine as the CTO. As a CTO of Vision Marine, Montagne will manage all design and operations of Vision Marine’s groundbreaking E-Motion powertrain, the first completely electric 180 hp incorporated into the exterior system. Shares of Vision Marine plunged -5.95% during the trading session of Monday. VMAR market capitalization has stayed high, reaching $105.10 million at the time of writing.
The new CTO will use his capabilities to develop a sports version of the Renault ZOE. Vision Marine is also planning to use this new technology in their own electric propulsion system. Moreover, this car has been utilized to open Formula E shows, and was renowned race car driver Alain Post has driven this car. CEO of MAC is delighted to join Vision Marine and is looking ahead to work with the amazing firm.