General Motors purchased a 25% stake in the electric boat engine maker as part of a $35bn electrification technology drive.
Automotive manufacturing conglomerate General Motors (GM) paid an amount reported by CNBC to be $150m for a 25% stake in electric boat motor manufacturer Pure Watercraft, inclusive of cash and in-kind commitments.
Founded in 2011, Pure Watercraft develops and builds electric motors for watercraft and maritime vehicles it claims have lower operating costs and maintenance than traditional propulsion systems.
Following the tie-up, the companies will collaborate on developing and commercialising batteries for electric watercraft. The deal forms part of GM’s…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
