General Motors said it acquired a 25% stake in Pure Watercraft, the Seattle-based electronic propulsion company, for about $150 million, a figure confirmed by Pure CEO and founder Andy Rebele.
GM said in a declaration that the company has committed to investing $35 billion in electric and autonomous vehicle technology over the next four years, and that the agreement with Pure Watercraft reflects its own mission to take “the holistic approach necessary to widespread adoption of electric vehicles.
“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. “The combined expertise of these two companies is expected to translate into future zero-emission marine product offerings, giving consumers more choice than ever before.”
“Our mission is to enable a new era in boating,” Rebele said. “This joint effort with GM should allow us to make significant technology advancements in range and charging, while achieving volume production.”
GM said it plans to leverage Pure’s electronic propulsion technology and maritime industry acumen with its own engineering, supply chain and manufacturing capabilities to push the development of the electric mobility in the boating industry, while focusing on improving performance and reducing battery costs. .
“We have spent the past ten years developing the most efficient electric marine propulsion on the market and an effective direct-to-consumer sales and service channel,” Rebele said in a statement. LinkedIn position announcing the deal. “With the strengths of Pure Watercraft and GM, we will create a much better boating and boat ownership experience, at a competitive cost, and preserve the great outdoors for future generations.
The past two years have seen significant growth at Pure Watercraft. End of 2020, Rebele announces $23.4 million in funding on the company’s blog which he says will allow Pure to strengthen the team and increase production capacity to meet demand. Earlier this year, Pure secured an additional $37.5 million in Series A funding.