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Friday, December 3, 2021

GM backs electrical boat startup in $150 million deal

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Basic Motors has taken a 25 p.c stake in Pure Watercraft, a Seattle-based startup that makes electrical outboard motors and batteries for boats, CNBC reports.

The deal is value $150 million, although that’s break up between money and payment-in-kind contributions from GM. The 2 firms didn’t inform CNBC what that break up will appear like, however GM “will grow to be a provider of parts to Pure Watercraft, a co-developer of recent merchandise, and can present engineering, design and manufacturing experience to assist [Pure Watercraft] set up new factories,” based on the report.

GM struck an identical deal — although half the dimensions — with Lordstown Motors in 2020 as a part of that electrical pickup truck startup’s merger with a particular function acquisition firm. ( chunk of the worth attributed to the deal was the manufacturing unit GM bought to Lordstown Motors, which is now being bought by Foxconn as a part of the Taiwanese electronics large’s push into EVs.) The automaker additionally as soon as had a deal in place to obtain $2 billion of inventory in hydrogen-electric trucking startup Nikola in alternate for entry to components, parts, and a few manufacturing. However that deal fell aside after Nikola was accused of fraud in September 2020.

GM has made far much less rocky bets exterior of the EV area. It purchased self-driving startup Cruise in 2016, and backed an MIT spinoff focused on batteries in 2015. As CNBC factors out, CEO Mary Barra telegraphed that the corporate was trying into watercraft in an October blog post:

We’re delivering {hardware} platforms that can assist put all people in an electrical automobile – even past our personal autos. Our Ultium battery platform and HYDROTEC gasoline cell platform give us the potential to make planes, trains, vehicles and even boats into zero emission merchandise.

Pure Watercraft is certainly one of a number of startups trying to electrify boating, although it’s one which’s been chipping away on the concept for 10 years. It sells outboard motors and water-tight battery packs, and in addition collaborates with quite a few boat makers to promote ready-to-go electrical boats in several sizes and shapes.

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