Michigan based American multinational automotive manufacturing company, General Motors is actively exploring electric boating with the purchase of a 25 percent stake in Pure Watercraft, a Seattle company that produces battery-powered outboard motors.
The automaker on Monday, November 22, 2021 announced that it bought the 25% stake in the electric boat company for a venture it believes would develop and commercialize battery electric watercraft.
According to the spokesman of the company, Gabe Johnson, Pure Watercraft after the GM deal will now be worth &600 million, with General Motors affirming that its investment in the company is worth $150 million, including cash and in-kind contributions but the two companies failed to disclose how much exact funds GM is putting into the deal.
Founded in 2011, Pure Watercrafts manufactures an electric outboard propulsion system that is powered by a lithium-ion battery, with the design coming in as a drop-in replacement for any boat with a gas outboard motor from 25 to 50 horsepower. According to information on Pure Watercrafts website, they also collaborate with boat manufacturers to sell complete boats.
The automaker said in a statement that the alignment between the two companies will synergize Pure Watercraft’s marine experience with GM’s engineering, supply chain and manufacturing capabilities..
“This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while achieving volume production,” Pure Watercraft founder and CEO Andy Rebele said.
General Motors will use the opportunity of the deal to utilize its electric technology in another industry beyond automotive, said Dan Nicholson, vice president of global electrification. “The combined expertise of these two enterprises should result in future zero-emissions marine product offerings,” Nicholson said.
The vehicle manufacturer is currently is working on electrification and hydrogen powered vehicles in the rail, truck and aerospace industries.
By Midday trading on Monday, the shares of General Motors have risen by 2.8 percent to $63.51.
Founded by William C. Durant on September 16, 1908, as a holding company, General Motors is the largest American automobile manufacturer and one of the world’s largest automobile manufacturers and i is ranked number 22 on the Fortune 500 rankings of the largest United States corporations by total revenue.
The Company October this year outlined its plans to by the year 2030 double its revenue, in the process becoming the leader in U.S. electric vehicle sales.
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.
He is the Co-Founder of media brand, The Vent Republic.
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