GM Acquires 25 Percent Stake in Pure Watercraft to Accelerate All-Electric Boating
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 and 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.