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Electric outboard startup Pure Watercraft is selling itself for parts
September 22, 2024

Electric outboard startup Pure Watercraft is selling itself for parts

Reading Time: 2 minutes

A hopeful entrant in the emerging market of electric watercraft is out of action and being sold for parts.

Pure Watercraft was founded in 2011 with the intention of replacing gas-based outboard motors with fully electric ones. We covered the company in 2016 when it began taking preorders for its first commercial outboards, and in 2020 Pure raised $23 million to step up production. GM even took a 25% stake in Pure as part of its big investment in electric infrastructure.

The company offered an electric outboard and battery combo that could be mounted on a boat like any other outboard, or in a package with a rigid inflatable or pontoon boat. With prices ranging from $21,600 for just propulsion to nearly $100,000 for a full boat, Pure’s products were arguably no more affordable up front than gas options, but they were certainly a lot cleaner and quieter.

But a tough market seems to have put an end to Pure’s ambitions. The company entered receivership — a sort of alternative form of bankruptcy — in July, per filing documents in King County, Washington, where it is based. In August it was also reported that a planned multi-million-dollar factory in West Virginia would not be going forward.

The documents describe numerous creditors, from individual investors to banks to the big one, GM, which put approximately $35 million into the venture. That wasn’t all cash, though: listed among Pure’s assets is some $25 million worth of ‘manufacturing support,’ ‘know-how,’ licensing of the name, and other forms of non-pecuniary goods. (This type of in-kind investment is fairly commonplace.)

On the asset side, we find $3.6 million in ‘finished goods,’ likely the assembled motors and battery units built by Pure, though why those would not have gone out to the more than 900 people who paid a down payment is unclear (nor is whether refunds will be issued). Another $25.5 million of ‘raw materials’ is also listed, but what this may be is unclear — other documents detailing sale of assets like boats and batteries don’t come near that sum.

Electric watercraft is a growing but still nascent industry, with startups like Candela, Navier, FleetZero and Zin Boats making a play for cleaner, more efficient waterways and infrastructure.

Reference: https://techcrunch.com/2024/09/21/electric-outboard-startup-pure-watercraft-is-selling-itself-for-parts/

Ref: techcrunch

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