GM exploring electric boats, buys 25% stake in engine maker
ABC News
General Motors is testing the water in electric boating by buying a 25% stake in a Seattle company that makes battery-powered outboard motors
DETROIT -- General Motors is testing the water in electric boating by buying a 25% stake in a Seattle company that makes battery-powered outboard motors.
The Detroit automaker said Monday that it bought the stake in Pure Watercraft for a venture that it says will develop and commercialize battery electric watercraft.
Pure Watercraft, founded in 2011, is worth $600 million after the GM deal, spokesman Gabe Johnson said. GM said its investment is worth $150 million, including cash and in-kind contributions. The companies would not disclose how much money GM is putting into the deal.
Privately held Pure Watercraft makes an electric outboard propulsion system powered by a lithium-ion battery. It's designed as a drop-in replacement for any boat with a gas outboard motor from 25 to 50 horsepower. The company also works with boat manufacturers to sell complete boats, according to its website.
