General Motors Invests in Seattle-based Electric Boat Maker Pure Watercraft
【Summary】Some of automaker General Motors’ future electrification plans might include electric boats. The company on Monday announced it purchased a 25% stake in electric boat maker Pure Watercraft. As part of the deal, GM is offering $150 million in a combination of cash and payment-in-kind, which includes access to the automaker's components and assistance with manufacturing.
Some of automaker General Motors' future electrification plans might include electric boats. The company on Monday announced it purchased a 25% stake in electric boat maker Pure Watercraft. GM's investment values the boat maker at $600 million, the companies said on Monday.
As part of the deal, GM is offering $150 million in a combination of cash and payment-in-kind, which includes access to the automaker's components and assistance with manufacturing, in exchange for the stake, Pure Watercraft said in a statement.
"Building upon GM's existing efforts to deploy our technology across rail, truck and aerospace industries, the combined expertise of these two enterprises should result in future zero-emissions marine product offerings," Dan Nicholson, vice president of GM's Global Electrification unit, said in a statement.
Pure Watercraft was founded in 2011 in Seattle. The company makes motors for boats powered by lithium-ion batteries. The outboard boat motor it developed utilizes a standard design that attaches to any standard boat transom. It's designed as a drop-in replacement for boat models that accept a gas outboard engine between 25 to 50 HP.
The company also has a lineup of electric boats, including pontoon boats.
The Pure Outboard electric motors from Pure Watercraft uses groundbreaking efficiency to benefit a boat's performance while lowering operating cost and maintenance than traditional marine propulsion systems, according to the company.
The electric outboard boat motors offer a lower total cost of ownership, as well as providing environmental benefits. The Pure Outboard boat motor emits zero noxious fumes or emissions. It also offers a more tranquil boating experience without the loud noise associated with standard gas-powered outboard boat engines.
The electric boat motor developed by Pure Watercraft is powered by a 8.8 kWh lithium-ion battery pack and produces the equivalent of 50 horsepower. Up to ten battery packs can be used together to support a wide range of boating applications. For most recreational uses, one or two battery packs will be sufficient, the company says.
For recreational use with one or two batteries, a charge can last between 2 to 4 hours traveling a distance of 20 miles on the water, depending on speed and weather conditions.
"Our mission is to enable a new era in boating," said Andy Rebele, founder and CEO of Pure Watercraft. "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's electric outboard boat motor.
GM's $150 Million investment in Pure Watercraft is part of a much larger investment in electrification. In June, GM announced that its increasing its investments in electrification and autonomous driving technologies to $35 billion through 2025 as it plans for an all-electric future with dozens of new battery-powered models. It represents one of the biggest financial commitments in the automaker's 100+ year history.
In Nov 2020, GM announced it would deliver 30 new EVs by 2025 globally, with two-thirds of the battery-powered models available to customers in North America. The first of these vehicles will be the upcoming Hummer EV, Cadillac Lyriq SUV and a electric version of the popular Chevy Silverado pickup truck that's due to be released by next year.
GM said it would disclose any products developed from the partnership with Pure Watercraft at a later date.
Perhaps in the near future, you might see a GM-branded electric boat being towed by an electric Silverado pickup or Hummer EV.
Electric Automaker Lucid Group Opens its 21st U.S. Studio Location in Southern California
Ford is Offering a New Money Back Guarantee & Warranty Coverage on Pre Owned Vehicles to Give Buyers Piece of Mind
Volkswagen & Bosch Are Working Together on a Standardized Autonomous Driving Software Platform for Volume Production
General Motors is Investing $154 Million in Western New York for the Production of EV Motor Components
GM to Start Deliveries of the Electric Cadillac Lyriq 9 Months Ahead of Schedule
Computer Vision Technology Developer StradVision Announces New North American Headquarters in Michigan, Expands U.S. Business
The World’s Largest BMW Plant By Volume in South Carolina Produces a Record Number of Vehicles in 2021, Including Plug-in Hybrids
Ford Motor Co & ADT Are Investing $100 Million in a New Joint Venture to Deliver ‘Breakthrough Technology’ for Vehicle Security That Uses AI
- NIO to Offer Dolby Atmos Audio Technology Standard in the New ET7 Electric Sedan
- Elon Musk’s Criticism of Biden’s Infrastructure Plan Seems Justified When it Comes to EV Tax Credits
- Tesla Cybertruck Delayed Again, Report Claims to Early 2023
- Autonomous Driving Technology Developer AutoX Unveils its 'Robotaxi Assembly Line' in China
- Chinese Autonomous Driving Startup Momenta Raises Another $200 Million, Raising its 2021 Funding Total to Over $1 Billion
- Electric Truck Maker Rivian Selects Amazon Web Services as its Preferred Cloud Provider
- GMC Drops First Teaser For Sierra Denali EV Pickup
- German Company Vitesco Technologies Announces $1 Billion Euro Deal to Supply 800-Volt EV Inverters to a ‘Major North American Automaker’
- China’s Baidu is Now the World's Largest Robotaxi Operator After Completing 115,000 Fully-Autonomous Rides in Q3
- The New Porsche Taycan Cross Turismo Sets World Record for the Greatest Altitude Change in an EV to the Summit of Pikes Peak