Vision Marine Technologies Inc (NASDAQ:VMAR) has partnered with Octillion Power Systems to develop a customized high voltage 35 KW high-density battery. The financial terms were not disclosed.
- The battery will be exclusively used within the recreational boating market.
- Under the agreement, Octillion will manufacture a new advanced electric battery system to power the E-Motion outboard powertrain.
- The configuration of the battery pack is smaller than that of a typical fuel tank, making it easier to custom fit in any boat.
- "Collaborating with Octillion will allow us to expeditiously deliver fully electric motors equipped with state of the art energy storage systems and further secure our supply chain," said COO Xavier Montagne.
- Price Action: VMAR shares are trading higher by 17.3% at $5.76 in premarket on the last check Tuesday.
