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A hopeful starter in the emerge marketplace of electric watercraft is out of legal action and being sell for component part .
Pure Watercraft was founded in 2011 with the intention of replacing accelerator - based outboard motor with fully electric one . Wecovered the company in 2016when it began accept preorders for its first commercial-grade outboards , and in 2020 Pureraised $ 23 millionto step up production . GM even have a 25 % stake in Pureas part of its grownup investment in galvanising substructure .
The company offered an electric outboard motor and battery combo that could be mount up on a boat like any other outboard motor , or in a parcel with a unbending inflatable or pontoon boat . With cost drift from $ 21,600 for just actuation to nearly $ 100,000 for a full boat , Pure ’s mathematical product were arguably no more low-priced up front than gasoline option , but they were certainly a lot cleaner and quieter .
But a problematic market seems to have put an end to staring ’s ambition . The company entered receivership — a form of alternative form of bankruptcy — in July , per file document in King County , Washington , where it is establish . In August it was also report that a planned multi - million - dollar factory in West Virginiawould not be perish forward .
The documents describe legion creditors , from private investors to banks to the openhanded one , GM , which put approximately $ 35 million into the venture . That was n’t all hard currency , though : heel among Pure ’s assets is some $ 25 million worth of “ fabrication reinforcement , ” “ know - how , ” licensing of the name , and other forms of non - pecuniary goods . ( This character of in - kind investing is fairly timeworn . )
On the plus side , we find $ 3.6 million in “ ruined goods , ” likely the assembled motor and stamp battery unit built by Pure , though why those would not have gone out to the more than 900 people who give a down payment is unclear ( nor is whether refunds will be issued ) . Another $ 25.5 million of “ bare-ass materials ” is also list , but what this may be is undecipherable — other documents detailing sales event of assets like boats and batteries do n’t come near that sum .
TechCrunch has asked both arrant and GM for input on the topic . GM did not offer a essential response and we have not yet heard back from Pure .
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electrical vessel is a grow but still nascent manufacture , with startups likeCandela , Navier , Fleetzero , andZin Boatsmaking a gambling for cleaner , more effective waterways and substructure .
