General Motors acquires 25% stake in electric boat startup Pure Watercraft

Pure Watercraft said on November 22 that GM would provide it with a combination of cash and in-kind payments of US$150 million, including parts and production assistance from GM, in exchange for Equity in Pure Watercraft.

Pure Watercraft is headquartered in Seattle and founded in 2011. The company produces lithium battery electric motors used in boats, and the electric motors produced by the company adopt a plug-and-play design. Meaning they can convert any vessel to electric power.

Dan Nicholson, vice president of GM’s global electrification division, said in a statement: “GM has already deployed our technology in the rail, truck and aviation industries. On this basis, The partnership between GM and Pure Watercraft allows the two companies to combine their respective expertise to bring zero-emission boat products in the future.”

In October this year, GM proposed a The new plan is to double revenue by 2030 and become an explorer in the U.S. market in terms of electric vehicle sales. GM said it will disclose the products developed in partnership with Pure Watercraft at a later date.

Earlier this year, General Motors also reached a cooperation with Wabtec to develop hydrogen fuel and pure electric freight trucks. GM also announced a partnership with Liebherr Aerospace to jointly develop a hydrogen fuel cell demonstration system for aircraft.

　(Original title: General Motors acquires 25% stake in electric boat start-up Pure Watercraft)