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General Motors Buys 25% Stake in Electric Boat Start-up, Pure Watercraft

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General Motors seems to have a broad interest in EVs as they have taken a 25% stake in a Seattle-based electric boating company, Pure Watercraft.

Pure Watercraft is not just an electric boating company, they also make batteries and electric outboard for boats. Their outboard propulsion system is powered by a lithium-ion battery which is designed as a drop-in replacement for any boat with a gas outboard motor from 25 to 50 horsepower.

The deal amounts to $150 million, which will be split between cash and payment-in-kind contributions from General Motors. Nothing much was disclosed, but GM will be a supplier of components to Pure Watercraft. They will also provide engineering, design and manufacturing expertise which will help Pure Watercraft establish new factories.  

Pure Watercraft also collaborates with diverse boat manufacturers to sell complete boats. They raised $23 million in a Series A which was led by L37 last September to kickstart production.

Founded in 2011 by Andy Rebele, the private company is worth $600 million after the deal with General Motors. This is an adventurous start for General Motors as they are already exploring ways to use their technology in bigger industries like aerospace and rail.

Sometime this year, General Motors partnered with Wabtec to develop electric freight locomotives that use hydrogen fuel and batteries. They have also announced another partnership with Liebherr- Aerospace to develop a hydrogen fuel cell demonstration for aircraft.

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