General Motors said it has acquired a 25-percent stake in Pure Watercraft, the Seattle-based e-propulsion outfit for approximately $150 million, a number confirmed by Pure CEO and founder Andy Rebele.
GM said in a statement that the company is committed to investing $35 billion in electric and autonomous vehicle technology over the next four years, and that the deal with Pure Watercraft reflects its own mission to take 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 GM vice president of global electrification, controls, software and electronics Dan Nicholson. “The combined expertise of these two enterprises should result in future zero-emissions marine product offerings, providing consumers with more choice than before.”
“Our mission is to enable a new era in boating,” said Rebele. “This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while achieving volume production.”
GM said that it plans on leveraging Pure’s e-propulsion technology and maritime industry acumen with its own engineering, supply chain and manufacturing capabilities to push the development of electric mobility in the boating industry as well as focusing on improving performance and reducing the costs of batteries.
“We’ve spent the last ten years developing the most efficient electric marine propulsion on the market, and an effective direct-to-consumer channel for sales and service,” said Rebele on a LinkedIn post announcing the deal. “On the strengths of both Pure Watercraft and GM, we’ll build a much better boating and boat ownership experience, at a competitive cost, and preserve the great outdoors for future generations.
The last two years have seen significant growth at Pure Watercraft. In late 2020, Rebele announced funding of $23.4 million on the company’s blog that he says will allow Pure to build out the team and increase production capacity to meet demand. By the start of this year, Pure secured and additional $37.5 million in Series A funding.