American automotive major, General Motors has recently purchased an ownership stake of 25% in Pure Watercraft, a Seattle-based startup that produces all-electric motors for boats of all different kinds.
As per sources, GM has invested around $150 million in the startup. The deal is inked in-kind commitments and capital and will see the two companies commercialize and develop battery-electric watercraft, leveraging GM’s technology in multiple boating uses to hasten the industry’s transformation to all-electric.
Both GM and Pure Watercraft works on the objective of expanding zero-emission mobility and encouraging EV adoption beyond cars.
Dan Nicholson, GM Vice President of Global Electrification, Controls, Software and Electronics, said that built upon the existing effort of GM to deploy its technology across truck deliberately, rail, and aerospace industries, the joint expertise of the two firms will result in zero-emissions marine product offerings, providing consumers with more choice than before in the future.
The deal could also be rewarding. According to the NMMA (National Marine Manufacturers Association), last year, the sales of outboard engines in the U.S. touched all time high at $3.4 billion. That is said to be sales growth recorded over nine consecutive years.
As per sources, GM will be investing $35 billion for developing self-driving cars and electric vehicles till 2025. In October, the automaker said to investors that it is revolutionizing itself to become a software and tech firm which will offer much more beyond vehicles. Additionally, GM CEO Mary Barra hinted about using GM technology for watercraft.
She mentioned in a blog that they are delivering hardware platforms that will help to encourage everyone to use electric vehicles. The HYDROTEC fuel cell platform and Ultium battery platform allow them to make trains, automobiles, planes, and even boats in zero-emission products.
Source Credit - https://techcrunch.com/2021/11/22/neu-ro-announces-zero-emissions-model-building-solution/