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    GM invests in electric boat startup Pure Watercraft

    General MotorsThe two companies told CNBC this year that they have acquired a 25% stake in Pure Watercraft, a Seattle startup that manufactures electric outboard motors for boats, claiming to be “focusing on electrification.” ..

    Pure Watercraft motors use lithium-ion batteries and replace 40-50 horsepower outboard motors that burn gas or diesel. Traditional fuel-powered boats are a source of environmental problems such as noise pollution, smog and water pollution. It is clear that these problems are floating in the wake water. Pure’s system is much quieter and cleaner.

    PureWatercraft CEO Andy Rebele, a lifelong fishing and boat enthusiast and former boat coach, was lined with huge market opportunities for personal motivation to solve these problems. ..

    According to the National Marine Manufacturer’s Association (NMMA), US outboard motor sales reached record levels in 2020, rising for the ninth consecutive year to an estimated $ 3.4 billion.

    “The boat market is growing as it was after World War II,” says Rebele. “During the pandemic, people wanted to do something with their families and pods. Going out to the water is one of the ideals.”

    The growth market is also in GM’s radar. CEO Mary Barra hinted that GM is interested in electric sea transportation. October blog postLearn about the company’s Ultium battery and Hydrotec fuel cell platform.

    This pontoon is equipped with Pure Watercraft’s fully electric outboard motor.

    Courtesy: Pure Watercraft

    According to Rebele, the deal with GM is worth $ 150 million, including in-kind payments and capital invested by car giants. The company does not disclose the split between cash and cash payments.

    With that investment, GM will become a component supplier for Pure Watercraft, a co-developer of the new product, providing engineering, design and manufacturing expertise to help start-ups set up new factories. I told CNBC.

    As Pure Watercraft grows, the new partnership with GM should help start-ups solve supply chain problems, Rebele said.

    For GM, investing in Pure Watercraft is another move to expand non-automotive battery and fuel cell systems. Earlier this year, GM announced plans to develop and commercialize Wabtec and electric locomotives. He is also interested in using batteries and fuel cells for aerospace and military applications.

    PureWatercraft has a post-money valuation of $ 600 million. A 55-employee startup had previously raised $ 37 million in venture funding.

    –Mike Wayland of CNBC contributed to this report.

    GM invests in electric boat startup Pure Watercraft

    Source link GM invests in electric boat startup Pure Watercraft

    The post GM invests in electric boat startup Pure Watercraft appeared first on Eminetra.

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