Nov 23, 2021 - Technology

GM plunges into electric marine transport

Ben Geman

A boat in the water — Photo courtesy of Pure Watercraft

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.

Add Axios on Google

GM plunges into electric marine transport

What to read next