The major American automaker, General Motors Co, bought a 25% stake in Pure Watercraft, valuing the electric boat startup at $ 600 million, the companies said Monday.
GM offered $ 150 million in a combination of cash and payment in kind, including access to the automaker’s components and assistance with manufacturing, in exchange for the stake, Pure Watercraft said.
Founded in 2011, Pure Watercraft, based in Seattle, manufactures electric boat motors that run on lithium-ion batteries and uses a design mechanism known as “plug-and-play” that allows any boat to use its motors.
“Building on GM’s existing efforts to implement our technology in the rail, trucking and aerospace industries, the combined expertise of these two companies should generate future zero-emission marine product offerings,” said Dan Nicholson, Unit Vice President. Global Electrification of GM, it’s a statement.
The automaker unveiled plans in October to double its revenue by 2030 and become the sales leader of electric vehicles in United States.
GM said it would disclose any products developed from the partnership with Pure Watercraft at a later date.