General Motors is diversifying its portfolio beyond the automobile again. This time the automaker is acquiring a 25-percent stake in electric boat maker Pure Watercraft. The investment will yield new synergies between the two companies, with GM likely supplying electric powertrains for boats.
GM says the investment into Pure Watercraft will advance a shared vision to promote sustainability through an expansion of zero-emissions mobility. Pure Watercraft was founded in 2011 and has been mission-driven to produce watercraft with electrification. The company is based in Seattle, Washington.
“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 and 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.”
The two firms says they will merge Pure Watercraft’s marine propulsion technology and experience in the commercial marine industry with GM’s engineering, supply chain and manufacturing capabilities. Jointly they will develop new battery electric watercraft, integrating GM technology.
This is the latest move by GM to diversify its own portfolio beyond automotive. GM recently announced plans to transition to a platform company, offering software, batteries and other services to non-automotive firms. GM already has strategic relationships to develop everything from electrified locomotives to providing batteries for spacecraft.