By Sam Boughedda

Investing.com — Normal Motors Firm (NYSE:) shares soared Monday after it mentioned it might take a 25% stake in Pure Watercraft, a Seattle-based all-electric boating firm.

GM shares are up over 4.6%, at $64.48, approaching current intraday highs of $65.18.

Whereas there have been no particulars offered concerning the quantity invested in Pure Watercraft, the deal is a part of GM’s plan to take a position $35 billion in electrical and autonomous car expertise via 2025. The $35 billion funding will embrace work to enhance efficiency and scale back battery prices.

The corporate is aiming to grow to be the market chief in EVs in North America.

The collaboration will mix Pure Watercraft’s marine propulsion expertise with GM’s engineering, provide chain, and manufacturing capabilities to assist them develop and commercialize battery-electric watercraft.

“Constructing upon GM’s present efforts to strategically deploy our expertise throughout rail, truck and aerospace industries, the mixed experience of those two enterprises ought to end in future zero-emissions marine product choices, offering shoppers with extra alternative than earlier than,” defined mentioned Dan Nicholson, GM’s vp of World Electrification, Controls, Software program & Electronics.

“This joint effort with GM is anticipated to allow us to make important technological developments in vary and charging, whereas attaining quantity manufacturing,” commented the founder and CEO of Pure Watercraft, Andy Rebele.