Pure Watercraft, a Seattle-based company known for its electric outboard motors, is reportedly “being sold for parts” after entering receivership in King County. The company’s assets and business operations are being overseen by a trustee. The reason for Pure Watercraft’s financial troubles is unclear, and the company has not provided further details.
Since its founding in 2011, Pure Watercraft aimed to disrupt the $44 billion global leisure boating industry by developing electric propulsion systems for motorboats. The startup raised a total of $37 million, with General Motors acquiring a 25% stake in the company in 2021. Despite this investment, Pure Watercraft found itself struggling financially, leading to the current receivership situation.
Court documents filed in July reveal that Pure Watercraft has substantial assets and inventory, including manufacturing equipment and boat parts. The list of creditors includes individual investors, auto dealerships, banks, GM, and others. Additionally, hundreds of customers who had put down $100 deposits are listed in the documents. Negotiations with GM and potential acquirers of the company’s assets are ongoing.
Pure Watercraft, which employed over 100 people at its peak, had plans to build a manufacturing facility in West Virginia. However, these plans were abandoned, leading to further challenges for the company. Despite the setbacks, GM remains committed to advancing electric vehicle technology and achieving an all-electric future. The future of Pure Watercraft and its assets remain uncertain as the company navigates receivership.
Led by founder and CEO Andy Rebele, Pure Watercraft developed an electric outboard motor and battery-powered engine that aimed to be more environmentally friendly than traditional gas-powered motors. The company introduced the Pure Pontoon, a high-performance version of the popular social boating craft, with a hydrofoil system to reduce drag and energy consumption. Pricing for the pontoon models started at $75,000 for a single-outboard version and $95,000 for a twin-outboard model.
Despite the recent financial challenges, Pure Watercraft received recognition for its Sustainable Innovation of the Year at the 2023 GeekWire Awards. Andy Rebele, a seasoned investor and entrepreneur, remains dedicated to the company’s vision of transforming the leisure boating industry with electric propulsion technology. The future of Pure Watercraft remains uncertain as negotiations with GM and potential acquirers continue, and the company’s assets are managed by a trustee.
