The Detroit automaker said Monday that it bought the stake in Pure Watercraft for a venture that it says will develop and commercialize battery electric watercraft.
General Motors is testing the water in electric boating by buying a 25 per cent stake in a Seattle company that makes battery-powered outboard motors.
The companies would not disclose how much money GM is putting into the deal. GM said its investment is worth USD 150 million, including cash and in-kind contributions.
Pure Watercraft, founded in 2011, is worth USD 600 million after the GM deal, spokesman Gabe Johnson said. GM said its investment is worth USD 150 million, including cash and in-kind contributions.