DIGEST – Synthetic engine is testing water in electric rowing by buying a 25% stake in a Seattle company that makes battery-powered outboard motors.
The Detroit automaker said Monday that it has purchased a stake in Pure water machine for a venture it says will develop and commercialize the battery hydroelectric ship.
Pure Watercraft, founded in 2011, is worth $600 million after GM Spokesperson Gabe Johnson said. GM says its investment is worth $150 million, including cash and in-kind contributions. The companies would not disclose how much GM will spend on the deal.
The privately owned Pure Watercraft builds an electric external propulsion system powered by a lithium-ion battery. It is designed to replace any boat with a 25 to 50 hp gas outboard engine. The company also works with boat manufacturers to sell finished boats, according to the company’s website.
The two companies will combine Pure Watercraft’s marine experience with GM’s engineering, supply chain and manufacturing capabilities, the automaker said in a prepared statement.
“This joint effort with GM is expected to enable us to achieve significant technological advancements in charging range and features, while achieving massive output,” said Pure Founder and CEO. Watercraft, said Andy Rebele.
Dan Nicholson, vice president of global electrification, said the deal gives GM the opportunity to use its electric technology in an industry other than auto. “Combining the expertise of these two businesses will create future zero-emission marine products,” says Nicholson.
GM has been working on electrification and hydrogen supported vehicles in railways, vans and aerospace industries.
Shares of GM rose 2.8% to $63.51 in midday trading Monday.
