The image is of Pure Watercraft.
Pure Watercraft, a Seattle-based startup that makes electric outboard motors and batteries for boats, has a 25 percent stake in General GM.
Cash and payment-in-kind contributions from GM make the deal worth $150 million. GM will become a supplier of components to Pure Watercraft, a co-developer of new products, and will provide engineering, design and manufacturing expertise to help the company establish new factories.
The electric pickup truck startup Lordstown was part of the merger with a special purpose acquisition company that GM struck a similar deal with. The factory that GM sold to Lordstown was part of the deal and is being bought by the Taiwanese electronics giant. In exchange for access to parts, components, and some manufacturing, the automaker had a deal in place to receive $2 billion of stock in the hydrogen-electric trucking startup. The deal fell apart because of fraud accusations against him.
Outside of the EV space, GM has made less rocky bets. It backed a spinoff of MIT focused on batteries in 2015. CNBC points out that Mary Barra telegraphed in October that the company was looking into watercraft.
Hardware platforms will help put everyone in an electric vehicle, even beyond our own vehicles. The Ultium battery platform and HYDROTEC fuel cell platform give us the ability to make zero emission products.
Pure Watercraft has been trying to improve boating for 10 years. It also sells ready-to-go electric boats in different shapes and sizes, as well as collaborating with a number of boat makers to sell them.
