Total Motors, which has billed itself as “all in on electrification” this One year, has obtained a 25% stake in Pure Watercraft, a Seattle inaugurate-up that makes electrical outboard motors for boats, the companies told CNBC.

Pure Watercraft motors enlighten lithium ion batteries and exchange 40- to 50-horsepower outboard motors that burn gasoline or diesel. Used gasoline-powered boats make a contribution to environmental considerations at the side of noise air pollution, smog, and water air pollution that is plainly seen floating on the water of their wake. Pure’s techniques are well-known quieter and cleaner.

For Pure Watercraft CEO Andy Rebele, a lifelong fishing and boating fanatic and extinct rowing coach, a deepest force to resolve those considerations lined up with a huge market opportunity.

In accordance to the National Marine Manufacturer’s Affiliation (NMMA) outboard engine gross sales within the U.S. reached a file diploma during 2020, rising for the ninth consecutive One year, to an estimated $3.4 billion.

“The boating market is growing love it hasn’t since submit-World Battle II,” says Rebele. “Sometime of the pandemic, folks wished to originate issues with their families, with their pods. Going out on the water is undoubtedly some of the supreme issues to originate.”

That growing market is on GM’s radar as effectively. CEO Mary Barra hinted at GM’s pastime in electrical marine transportation in a blog submit in October, discussing the corporate’s Ultium battery and Hydrotec gasoline cell platforms.

This pontoon is powered by a Pure Watercraft completely electrical outboard motor.

Courtesy: Pure Watercraft

In accordance to Rebele, the tackle GM is price $150 million combined, at the side of price-in-form commitments and capital invested by the autos huge. The corporate is no longer disclosing the split between cash and price-in-form.

With its investment, GM will change real into a provider of parts to Pure Watercraft, a co-developer of present products, and ought to give engineering, dangle and manufacturing ride to lend a hand the inaugurate-up put fresh factories, the companies told CNBC.

Its fresh partnership with GM ought to lend a hand the inaugurate-up navigate provide chain components as Pure Watercraft grows, Rebele acknowledged.

For GM, the investment in Pure Watercraft is one more in a gaggle of moves to develop bigger its battery and gasoline cell techniques inaugurate air of car. Earlier this One year, GM announced plans to invent and commercialize electrical locomotives with Wabtec. It also has shown pastime in utilizing its batteries and gasoline cells for aerospace and military purposes.

Pure Watercraft’s submit-money valuation stands at $600 million. The 55-employee inaugurate-up had previously raised $37 million in venture funding.

— CNBC’s Mike Wayland contributed to this sage.

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