Thursday, December 2, 2021

GM backs electric boat startup in $150 million deal

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General Motors has taken a 25 % stake in Pure Watercraft, a Seattle-based startup that makes electric outboard motors and batteries for boats, CNBC studies.

The deal is price $150 million, although that’s break up between money and payment-in-kind contributions from GM. The two corporations didn’t inform CNBC what that break up will appear like, however GM “will become a supplier of components to Pure Watercraft, a co-developer of new products, and will provide engineering, design and manufacturing expertise to help [Pure Watercraft] establish new factories,” in line with the report.

GM struck an analogous deal — although half the scale — with Lordstown Motors in 2020 as a part of that electric pickup truck startup’s merger with a particular objective acquisition firm. (A superb chunk of the worth attributed to the deal was the manufacturing facility GM offered to Lordstown Motors, which is now being purchased by Foxconn as a part of the Taiwanese electronics big’s push into EVs.) The automaker additionally as soon as had a deal in place to obtain $2 billion of inventory in hydrogen-electric trucking startup Nikola in alternate for entry to elements, parts, and a few manufacturing. But that deal fell aside after Nikola was accused of fraud in September 2020.

GM has made far much less rocky bets outdoors of the EV house. It purchased self-driving startup Cruise in 2016, and backed an MIT spinoff centered on batteries in 2015. As CNBC factors out, CEO Mary Barra telegraphed that the corporate was wanting into watercraft in an October weblog submit:

We are delivering {hardware} platforms that may assist put all people in an electric car – even past our personal automobiles. Our Ultium battery platform and HYDROTEC gasoline cell platform give us the potential to make planes, trains, cars and even boats into zero emission merchandise.

Pure Watercraft is one in every of quite a lot of startups attempting to affect boating, although it’s one which’s been chipping away on the thought for 10 years. It sells outboard motors and water-tight battery packs, and in addition collaborates with quite a lot of boat makers to promote ready-to-go electric boats in completely different sizes and styles.



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