GM backs electric boat startup in $150 million deal
Posted On November 22, 2021
General Motors has taken a 25 percent stake in Pure Watercraft, a Seattle-based startup that makes electric outboard motors and batteries for boats, CNBC reports.
The deal is worth $150 million, though that’s split between cash and payment-in-kind contributions from GM. The two companies didn’t tell CNBC what that split will look like, but GM “will become a supplier of components to Pure Watercraft, a co-developer of new products, and will provide engineering, design and manufacturing expertise to help [Pure Watercraft] establish new factories,” according to the report.
GM struck a similar deal — though half the size — with Lordstown Motors in 2020 as part of that electric pickup truck startup’s merger with a special purpose acquisition…