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General Motor Invests $150 Million In An Electric Boat Company

Interest in electric boats is expanding as the world of transportation shifts to batteries and electric engines. General Motors (GM) agreed this week to invest $150 million in Pure Watercraft, a developer of electric outboard motors.

General Motor will make a partial monetary investment and a partial in-kind contribution. GM will become a component supplier to Pure Watercraft, a co-developer of future products, and a resource for the startup’s technical, design, and manufacturing experience.

According to the National Marine Manufacturers Association, the market for outboard motors hit $3.4 billion last year, concluding nine years of expansion. The boating industry is expanding at a rate not seen since the post-World War II era.

Pure Watercraft is an online retailer of outboard motors and waterproof battery packs. For optimal range, up to ten battery packs may be joined together. Additionally, the business is cooperating with a number of boat manufacturers to provide pre-assembled electric boats in a variety of forms and sizes.

One is the RIB Classic Deluxe 380 (shown below), which was co-created with Highfield Boats and is priced at $29,000.

General Motor

The new alliance with General Motor should assist the Pure team in navigating supply chain difficulties as the firm expands, while also providing GM with a chance to offer hardware platforms that will assist in putting everyone in an electric car — even beyond its own. The Ultium battery platform and the HYDROTEC fuel cell platform enable them to develop zero-emission aircraft, trains, vehicles, and even boats.

Reference- Pure Watercraft website & PR, CNBC, Clean Technica, EV Obsession