We're Going to Need a Bigger Boat for SPAC Mania
Vision Marine, a maker of battery-powered boat motors, shares a lot in common with other electric vehicle up-and-comers, minus the market hype.
SPAC mania missed this EV boat startup.
Photographer: Vision Marine Technologies
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Lately, it feels like every day brings fresh news of a manufacturer of some kind of electric vehicle going public by merging with a blank-check firm. “Manufacturer” is somewhat of a loose term here as these EV ventures are often still in the development phase and the companies in question rarely have any revenue, let alone profits. But nevertheless, hefty valuations have soon followed. First, it was makers of electric passenger vehicles. Then it was delivery-van startups and flying-taxi companies. There’s even an electric jet-ski maker merging with a special purpose acquisition company.