General Motors (NYSE: GM), which considers itself “all in on electrification,” has acquired a 25% stake in pure watercraft, a start-up that manufactures electric outboard motors for boats. The stake will cost GM USD150 Million, and ultimately increase Pure Watercraft’s valuation to USD600 Million.
The partnership aims to further develop GM’s zero-emissions future which extends past just cars and trucks.
“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,” Dan Nicholson, GM’s vice president of Global Electrification, Controls, Software & Electronics, disclosed in a news release.
Pure Watercraft motors replace 40 to 50 horsepower gas or diesel outboard motors with lithium-ion batteries. Conventional fuel boats cause environmental issues such as noise pollution, Smog, and water pollution. Pure’s system has proven to be much more clean and quiet.
“The boating market is growing like it hasn’t since post-World War II,” said Pure Watercraft CEO Andy Rebele. “During the pandemic, people wanted to do things with their families, with their pods. Going out on the water is one of the ideal things to do.”
According to the companies, they are set to generate and commercialize battery-electric watercraft, by implementing GM technology into several applications and changing boating’s transmission to electric.
“Our mission is to enable a new era in boating,” 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 achieving volume production.”