GM acquires 25% stake in Pure Watercraft in Seattle to advance the future of electric propulsion
A Seattle startup with a vision for electric propulsion is teaming up with a legacy automaker that is moving towards sustainability in a deal announced Monday.
General Motors has acquired a 25% stake in Pure water machine, a company that has been working on all-electric boating solutions for 10 years. The cash and in-kind shares of GM are valued at $150 million and raise the value of Pure Watercraft to $600 million.
This partnership is intended to expand GM’s efforts towards a zero-emissions future, beyond just cars and trucks.
“Building on GM’s existing efforts to deploy our technology strategy across the rail, truck, and aerospace industries, the combined expertise of these two businesses will create zero-emissions marine products of the future, giving consumers more choice than before,” said Dan Nicholson, GM’s Global Vice President of Electrification, Controls, Software & Electronics. a press release.
Pure Watercraft’s industry breakthrough is the Pure Outboard engine, a battery-powered motor that is quieter and more environmentally friendly than traditional gas-fired outdoor engines. Partnering with GM will allow the startup to combine its innovation in marine propulsion technology and experience with the automaker’s engineering, supply chain and manufacturing capabilities.
The two companies plan to develop and commercialize battery-powered watercraft, integrate GM technology into a variety of applications and accelerate the boat’s transition to electric mobility, the two companies said. on Monday.
“Our mission is to create a new era in sailing,” Rebele said in a statement. “This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while also achieving massive output.”
Pure Watercraft has raised $37 million to date, including 23.4 million USD in Series A round in September 2020. Former Amazon Worldwide Consumer CEO Jeff Wilke was among the investors.
The startup has been operating from a headquarters facility on Lake Union in Seattle, and Rebele said it has leased a manufacturing facility in Tukwila, Wash. The company employs 55 people, including several full-time contractors.
Over the next few years, GM is investing $35 billion in electric and autonomous vehicle technology — including improving performance and reducing battery costs — in an effort to become the North’s leader in electric vehicles. America. The company is building a fully dedicated EV assembly plant in Detroit called Factory NO.
The companies have yet to reveal what product services will come from the partnership. In addition to its engine, Pure Watercraft is currently sell complete boat package.
