DETROIT, Nov. 22, 2021 /PRNewswire/ -- General Motors
(NYSE: GM) announced today it has acquired a 25 percent ownership
stake in Pure Watercraft, a Seattle-based company that specializes in
creating all-electric boating solutions.
The collaboration between GM and Pure Watercraft advances a
shared vision to promote sustainability through an expansion of
zero-emissions mobility for future generations and reflects the
holistic approach necessary for widespread EV adoption.
"GM's stake in Pure Watercraft represents another exciting
opportunity to extend our zero-emissions goal beyond automotive
applications," said Dan Nicholson,
GM vice president of Global Electrification, Controls, Software
& Electronics. "Building upon GM's existing efforts to
strategically deploy our technology across rail, truck and
aerospace industries, the combined expertise of these two
enterprises should result in future zero-emissions marine product
offerings, providing consumers with more choice than before."
Through 2025, GM is investing $35
billion in electric and autonomous vehicle technology —
including work to improve performance and reduce battery costs — to
become the market leader in EVs in North
America.
The Pure Outboard from Pure Watercraft uses groundbreaking
efficiency to benefit a boat's performance while reducing
environmental pollution, and boasts much lower operating cost and
maintenance than traditional marine propulsion systems.
"Our mission is to enable a new era in boating," said
Andy Rebele, founder and CEO of Pure
Watercraft. "This joint effort with GM is expected to enable us to
make significant technological advancements in range and charging,
while achieving volume production."
The collaboration will leverage Pure Watercraft's innovative
marine propulsion technology and experience in the commercial
marine industry with GM's engineering, supply chain and
manufacturing capabilities. The two companies will develop and
commercialize battery electric watercraft, integrating GM
technology into a variety of applications, helping to accelerate
the industry's transition to electric mobility.
Specific product offerings that occur from the collaboration
will be disclosed at a later date.
Barclays acted as Exclusive Financial Advisor to Pure Watercraft
on the transaction.
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun
and Wuling brands. More information on the company and
its subsidiaries, including OnStar, a global leader in vehicle
safety and security services, can be found
at https://www.gm.com.
Pure Watercraft is leading a fundamental transformation
of boating. Founded in 2011 in Seattle,
Washington, the company delivers innovative electric marine
propulsion that preserves the air and waterways for future
generations. For more information on Pure Watercraft, including its
products, partners and career opportunities visit
https://www.purewatercraft.com/
Cautionary Note on Forward-Looking
Statements: This press release and related comments by
management may include "forward-looking statements" within the
meaning of the U.S. federal securities laws. Forward-looking
statements are any statements other than statements of historical
fact. Forward-looking statements represent our current judgement
about possible future events and are often identified by words such
as "anticipate," "appears," "approximately," "believe," "continue,"
"could," "designed," "effect," "estimate," "evaluate," "expect,"
"forecast," "goal," "initiative," "intend," "may," "objective,"
"outlook," "plan," "potential," "priorities," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," or the
negative of any of those words or similar expressions. In making
these statements, we rely upon assumptions and analysis based on
our experience and perception of historical trends, current
conditions, and expected future developments, as well as other
factors we consider appropriate under the circumstances. We believe
these judgements are reasonable, but these statements are not
guarantees of any future events or financial results, and our
actual results may differ materially due to a variety of factors,
many of which are described in our most recent Annual Report on
Form 10-K and our other filings with the U.S. Securities and
Exchange Commission. We caution readers not to place undue reliance
on forward-looking statements. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update publicly or otherwise revise any forward-looking
statements, whether as a result of new information, future events,
or other factors that affect the subject of these statements,
except where we are expressly required to do so by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gm-acquires-25-percent-stake-in-pure-watercraft-to-accelerate-all-electric-boating-301429687.html
SOURCE Pure Watercraft