Common Motors is testing the water in electrical boating by shopping for a 25% stake in a Seattle firm that makes battery-powered outboard motors.
The Detroit automaker mentioned Monday that it purchased the stake in Pure Watercraft for a enterprise that it says will develop and commercialize battery electrical watercraft.
Pure Watercraft, based in 2011, is value $600 million after the GM deal, spokesman Gabe Johnson mentioned. GM mentioned its funding is value $150 million, together with money and in-kind contributions. The businesses wouldn’t disclose how a lot cash GM is placing into the deal.
Privately held Pure Watercraft makes an electrical outboard propulsion system powered by a lithium-ion battery. It is designed as a drop-in substitute for any boat with a fuel outboard motor from 25 to 50 horsepower. The corporate additionally works with boat producers to promote full boats, in line with its web site.
The 2 firms will mix Pure Watercraft’s marine expertise with GM’s engineering, provide chain and manufacturing capabilities, the automaker mentioned in a ready assertion.
“This joint effort with GM is anticipated to allow us to make important technological developments in vary and charging, whereas attaining quantity manufacturing,” Pure Watercraft founder and CEO Andy Rebele mentioned.
The deal provides GM a chance to make use of its electrical expertise in one other trade past automotive, mentioned Dan Nicholson, vice chairman of world electrification. “The mixed experience of those two enterprises ought to lead to future zero-emissions marine product choices,” Nicholson mentioned.
GM already is engaged on electrification and hydrogen powered autos within the rail, truck and aerospace industries.
Shares of GM rose 2.8% to $63.51 in noon buying and selling Monday.
GM reaches cope with LG to pay for Bolt battery recall prices
© 2021 The Related Press. All rights reserved. This materials will not be revealed, broadcast, rewritten or redistributed with out permission.
GM exploring electrical boats, buys 25% stake in engine maker (2021, November 22)
retrieved 22 November 2021
This doc is topic to copyright. Aside from any honest dealing for the aim of personal examine or analysis, no
half could also be reproduced with out the written permission. The content material is supplied for info functions solely.