General Motors acquires 25% stake in Pure Watercraft

General Motors has acquired a 25% stake in Pure Watercraft, an electric boat startup that is valued at $600 million, the companies said on Monday.

GM is making an offer of $150 million in a combination of cash and payment-in-kind, which includes access to the automaker’s parts and assistance with manufacturing, in exchange for the stake, said Pure Watercraft.

Founded in 2011 in Seattle, “with a belief that boating could be made more enjoyable, accessible, and environmentally friendly than ever before”, Pure Watercraft makes electric motors for boats powered by lithium-ion batteries and makes use of a plug-and-play design mechanism that enables any boat hull to use its motors.

“Building upon GM’s existing efforts to deploy our technology across rail, truck and aerospace industries, the combined expertise of these two enterprises should result in future zero-emissions marine product offerings,” said Dan Nicholson, the vice president of GM’s Global Electrification unit.

The automaker in October outlined plans to double its earnings by 2030 and become the leader in U.S. electric vehicle sales. read more

GM said it would reveal any products developed from the partnership with Pure Watercraft afterward.