Automotive manufacturing conglomerate General Motors (GM) paid an amount reported by CNBC to be $150m for a 25% stake in electric boat motor manufacturer Pure Watercraft, inclusive of cash and in-kind commitments.
Founded in 2011, Pure Watercraft develops and builds electric motors for watercraft and maritime vehicles it claims have lower operating costs and maintenance than traditional propulsion systems.
Following the tie-up, the companies will collaborate on developing and commercialising batteries for electric watercraft. The deal forms part of GM’s strategy to invest $35bn into electric and autonomous vehicle technology by 2025.
Pure Watercraft had raised $23.4m in a September 2020 series A round led by venture capital firm L37 Ventures that also featured unnamed private investors. It later closed the round at $37.5m in December with funding from undisclosed backers.
Dan Nicholson, GM’s vice-president of global electrification, controls, software and electronics, said: “GM’s stake in Pure Watercraft represents another exciting opportunity to extend our zero-emissions goal beyond automotive applications.
“Building upon GM’s existing efforts to strategically deploy our technology across rail, truck and aerospace industries, the combined expertise of these two enterprises should result in future zero-emissions marine product offerings, providing consumers with more choice than before.”
Photo courtesy of Pure Watercraft.
