Startup de barcos elétricos apoiada pela GM vende ativos em processo de administração judicial.

# Pure Watercraft, a Startup in Receivership, Sells Assets and Parts


Seattle-based electric outboard motor manufacturer, Pure Watercraft, is facing difficulties and is now in receivership. According to a report from TechCrunch, the startup is in the process of selling its assets and parts. Receivership is a legal process that allows a trustee to oversee the company’s assets and business operations when it is struggling financially.

While the exact reasons for Pure Watercraft’s financial struggles are unknown, the company had ambitious goals of revolutionizing the pleasure boating industry. Founded in 2011, their aim was to develop electric propulsion systems for motorboats, with the ultimate goal of replacing gas-powered systems. The leisure boating industry, estimated to be worth $44 billion globally, was ripe for disruption.

The startup had shown promise, raising a substantial amount of funding, including a $23.4 million Series A round in September 2020. General Motors also acquired a 25% stake in the company in November 2021, further validating Pure Watercraft’s potential. However, despite these investments, the company found itself in financial distress.

Pure Watercraft’s assets include millions of dollars worth of manufacturing equipment, boat parts, and inventory. The list of creditors includes individual investors, auto dealerships, banks, and General Motors. In addition, court documents reveal that hundreds of customers had placed $100 deposits.

Negotiations are currently underway with General Motors and other potential acquirers for the company’s assets. Turnford Consulting, the trustee appointed for Pure Watercraft’s assets, is working to manage the liquidation options.

At its peak, Pure Watercraft employed over 100 people and had plans to build a manufacturing facility in West Virginia, creating more jobs. However, those plans have now been halted, as reported in August.

Sanaz Marbley, director of Strategic Technology Communications at General Motors, expressed disappointment at the news of Pure Watercraft’s difficulties. Although Pure Watercraft’s fate is uncertain, General Motors remains committed to accelerating the adoption of electric vehicles.

Pure Watercraft, led by founder and CEO Andy Rebele, had developed an innovative electric outboard motor and battery-powered engine that offered advantages over traditional gas-powered motors. The technology was initially intended for use on vessels such as rigid inflatables and coaching launches.

With General Motors’ backing, Pure Watercraft unveiled the Pure Pontoon, a high-performance version of the popular “social boating” craft commonly found on U.S. lakes. The Pure Pontoon featured a hydrofoil system, which lifted a significant portion of the boat out of the water, reducing drag and energy requirements. GeekWire had the opportunity to test ride the pontoon in April 2023.

Despite the setback, Pure Watercraft’s website is still active, allowing potential customers to pre-order a boat. The pontoon’s pricing started at $75,000 for a single-outboard model and $95,000 for a twin-outboard model.

Andy Rebele, the founder and former CEO of CityAuction, remains optimistic, despite the challenges faced by Pure Watercraft. In a 2016 interview with GeekWire, Rebele expressed his passion for the project and how it presented a more substantial challenge than any previous endeavors.

GeekWire has reached out to Andy Rebele for comment regarding the latest developments, and this article will be updated accordingly.

Pure Watercraft received the Sustainable Innovation of the Year award at the 2023 GeekWire Awards, highlighting the company’s commitment to environmental sustainability.

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### Sources:

1. [Pure Watercraft report on TechCrunch](https://techcrunch.com/2024/09/21/electric-outboard-startup-pure-watercraft-is-selling-itself-for-parts/)
2. [Receivership definition on Investopedia](https://www.investopedia.com/terms/r/receivership.asp)
3. [Pure Watercraft’s plans in West Virginia](https://wvmetronews.com/2024/08/15/pure-watercraft-sinks/)
4. [Andy Rebele’s LinkedIn profile](https://www.linkedin.com/in/andyrebele/)
5. [Pure Watercraft’s website](https://purewatercraft.com/)