A promising newcomer to the emerging electric watercraft market is out of service and being sold for spare parts.
Pure Watercraft was founded in 2011 with the goal of replacing gas-powered outboard motors with all-electric engines. The company covered in 2016 When it began taking pre-orders for its first commercial outboard motors, in 2020, $23 million raised To intensify production. Even General Motors acquired a 25% stake in Pure. As part of its major investments in electrical infrastructure.
The company offered an electric outboard motor and battery that could be mounted to a boat like any other outboard motor, or bundled with an inflatable boat or rigid pontoon. With prices ranging from $21,600 for just the propulsion to nearly $100,000 for a complete boat, Pure’s products were arguably no more expensive than gas options, but they were certainly cleaner and quieter.
But the tough market appears to have put a damper on Pure’s ambitions. The company entered receivership — a form of alternative bankruptcy — in July, according to filings in King County, Washington, where it is headquartered. In August, a planned multimillion-dollar plant in West Virginia was also reported to have ground to a halt. I will not move forward.
The documents describe a slew of creditors, from individual investors to banks to General Motors, which pumped about $35 million into the project. But that wasn’t all cash: Pure’s assets included about $25 million in “manufacturing support,” “technical know-how,” name licensing, and other non-cash assets. (This type of in-kind investment is fairly common.)
On the assets side, there’s $3.6 million in “finished goods,” likely assembled motors and battery modules built by Pure, though it’s unclear why these goods weren’t distributed to the 900-plus people who made a down payment (nor whether refunds will be issued). Another $25.5 million in “raw materials” is listed, but what that might be is unclear — other documents detailing the sale of assets like boats and batteries don’t come close to that amount.
TechCrunch has asked both Pure and GM for comment on the matter. GM has not provided a substantive response and we have not heard back from Pure yet.
Electric watercraft are a growing but still nascent industry, with startups like candle, Naver, Fleet Zero and Zen boats Seeking cleaner, more efficient waterways and infrastructure.
