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GM buys 25% stake in electric boat startup Pure Watercraft

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, March 16, 2021. REUTERS/Rebecca Cook

Nov. 22 (Reuters) – Leading U.S. automaker General Motors Co (GM.N) has bought a 25% stake in Pure Watercraft, valuing the electric boat startup at $ 600 million, the companies said on Monday.

GM is offering $ 150 million in cash and in-kind payment, which includes access to the automaker’s components and manufacturing assistance, in return for the stake, Pure Watercraft said.

Founded in 2011, Seattle-based Pure Watercraft manufactures electric boat motors powered by lithium-ion batteries and uses a plug-and-play design mechanism that allows any boat hull to use its motors. .

“Building on GM’s existing efforts to deploy our technology in the rail, trucking and aerospace industries, the combined expertise of these two companies should translate into future zero-emission marine product offerings.” Dan Nicholson, vice president of GM’s global electrification unit, said in a statement.

The automaker announced in October its intention to double its revenue by 2030 and become the sales leader for electric vehicles in the United States. Read more

GM said it would disclose all products developed from the partnership with Pure Watercraft at a later date.

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