GM plunges into electric marine transport
General Motors' expanding electric vehicles' business left dry land Monday when the auto giant announced it's acquiring a 25% stake in the electric boating company Pure Watercraft.
Why it matters: "The investment in Pure Watercraft represents the first time GM will commercialize all-electric marine products and applications," Mark Lubin, a GM spokesman, tells Axios.
- He notes GM has previously invested in "exploratory all-electric proof-of-concept marine propulsion projects," and that work will inform their collaboration with Pure Watercraft, he said.
Details: The deal is worth $150 million, Pure Watercraft CEO Andy Rebele tells CNBC, which includes cash and other commitments. "The company is not disclosing the split between cash and payment-in-kind," it reports.