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GM buys 25% stake in electric boat startup Pure Watercraft -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The brand new GM emblem is seen on the facade of the Normal Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook dinner

(Reuters) – High U.S. automaker Normal Motors Co (NYSE:) has purchased a 25% stake in Pure Watercraft, valuing the electrical boat startup at $600 million, the businesses mentioned on Monday.

GM is providing $150 million in a mixture of money and payment-in-kind, which incorporates entry to the automaker’s elements and help with manufacturing, in trade for the stake, Pure Watercraft mentioned.

Based in 2011, Seattle-based Pure Watercraft makes electrical motors for boats powered by lithium-ion batteries and makes use of a plug-and-play design mechanism that enables for any boat hull to make use of its motors.

“Constructing upon GM’s present efforts to deploy our expertise throughout rail, truck and aerospace industries, the mixed experience of those two enterprises ought to lead to future zero-emissions marine product choices,” Dan Nicholson, vice chairman of GM’s World Electrification unit, mentioned in an announcement.

The carmaker in October outlined plans to double its income by 2030 and grow to be the chief in U.S. electrical automobile gross sales.

GM mentioned it might disclose any merchandise developed from the partnership with Pure Watercraft at a later date.

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