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GM wades into electric boat sector with 25% stake in marine motor company

GM wades into electric boat sector with 25% stake in marine motor company
The new deal is part of GM's efforts to move toward all-electric vehicle technology, a sector it's so far invested more than $30 billion over the next few years. File Photo by Brian Kersey/UPI | License Photo

Nov. 22 (UPI) -- Auto giant General Motors announced on Monday that it's bought a significant stake in a company that manufactures electric boat motors.

The automaker said it's bought a 25% stake in Pure Watercraft in a venture that aims to "combine GM technology with Pure Watercraft propulsion systems to expand all-electric marine transportation."

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The deal is part of GM's efforts to move toward all-electric vehicle technology, a sector it's so far invested more than $30 billion over the next few years.

"The combined expertise of these two enterprises should result in future zero-emissions marine product offerings, providing consumers with more choice than before," Dan Nicholson, GM vice president of global electrification, said in a statement.

"Our mission is to enable a new era in boating," Pure Watercraft founder Andy Rebele added. "This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while achieving volume production."

Seattle-based Pure Watercraft says it has developed an all-electric, lithium-ion-powered outboard motor system that can replace traditional 25- to 50- horsepower motors traditionally powered by gasoline or diesel fuel. The company says it can supply power for a four-hour, 20-mile fishing trip.

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The companies said they will announce more detailed elements of the venture in the near future.

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