GM Acquires 25 Percent Stake in Pure Watercraft to Accelerate All-Electric Boating
Agreement combines GM technology with Pure Watercraft propulsion systems to expand all-electric marine transportation
DETROIT, Nov. 22, 2021 /PRNewswire/ -- General Motors (NYSE: GM) announced today it has acquired a 25 percent ownership stake in Pure Watercraft, a Seattle-based company that specializes in creating all-electric boating solutions.
The collaboration between GM and Pure Watercraft advances a shared vision to promote sustainability through an expansion of zero-emissions mobility for future generations and reflects the holistic approach necessary for widespread EV adoption.
"GM's stake in Pure Watercraft represents another exciting opportunity to extend our zero-emissions goal beyond automotive applications," said Dan Nicholson, GM vice president of Global Electrification, Controls, Software & Electronics. "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."
Through 2025, GM is investing $35 billion in electric and autonomous vehicle technology — including work to improve performance and reduce battery costs — to become the market leader in EVs in North America.
The Pure Outboard from Pure Watercraft uses groundbreaking efficiency to benefit a boat's performance while reducing environmental pollution, and boasts much lower operating cost and maintenance than traditional marine propulsion systems.
"Our mission is to enable a new era in boating," said Andy Rebele, founder and CEO of Pure Watercraft. "This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while achieving volume production."
The collaboration will leverage Pure Watercraft's innovative marine propulsion technology and experience in the commercial marine industry with GM's engineering, supply chain and manufacturing capabilities. The two companies will develop and commercialize battery electric watercraft, integrating GM technology into a variety of applications, helping to accelerate the industry's transition to electric mobility.
Specific product offerings that occur from the collaboration will be disclosed at a later date.
Barclays acted as Exclusive Financial Advisor to Pure Watercraft on the transaction.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Pure Watercraft is leading a fundamental transformation of boating. Founded in 2011 in Seattle, Washington, the company delivers innovative electric marine propulsion that preserves the air and waterways for future generations. For more information on Pure Watercraft, including its products, partners and career opportunities visit https://www.purewatercraft.com/
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SOURCE Pure Watercraft
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