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Consolidation in the electric boat market as Pure Watercraft buys pontoon maker

IBI Premium Content, by Tony Esposito2021-01-07T15:16:00 The US boatbuilder and inventor of a plug-and-play, drop-in electric outboard motor system has acquired ELUX Marine for an undisclosed sum As technology makes electric boating viable for more than just a quiet jaunt around a local lagoon, the market is already seeing consolidation with the purchase of electric pontoon maker ELUX Marine by Pure Watercraft, the Seattle-based maker of a plug-and-play, drop-in electric outboard system and pre-packaged electric boats. To continue reading, please see the IBI Plus subscription options below for accessing our Premium Content. This is premium content signed-in to access this content.

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Minnesota former medtech exec Root sells his electric-pontoon boat firm to Seattle maker

Copy shortlink: Howard Root, a retired Minnesota med-tech executive who started a company to build electric-powered pontoon boats, said he has sold that firm, Elux Marine, to Pure Watercraft, an electric-boating technology leader based in Seattle. Root and his partner, Bart Jones, a boat restorer and builder based west of Lake Minnetonka, developed a couple of electronic-pontoon lines that created small waves of interest. Even as it was producing its first sales last year, Root indicated that the company, based in Mayer, likely would have to merge into a larger one to achieve larger-scale sales. Our mission at Elux was to build a small, but focused, electric-boat manufacturer that would redefine the Minnesota pontoon experience, Root said in an interview. In 2020, we sold 10 Stealth and Breeze boats and 25 of the smaller [single-seat] Go-Floats for a little over $500,000.

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Pure Watercraft secures US$37 5m funding for electric outboards

IBI Premium Content, by Tony Esposito2020-12-21T14:31:00 US-based Pure Watercraft closed a US$37.5m Series A round of funding on Friday, which includes a previously announced US$23.4m. The oversubscribed funding round was led by venture capital and private equity firm L37, whose managing partner Randall Ussery will take a seat on the Pure Watercraft board of directors. US-based Pure Watercraft closed a US$37.5m Series A round of funding on Friday, which includes a previously announced US$23.4m. The oversubscribed funding round was led by venture capital and private equity firm L37, whose managing partner Randall Ussery will take a seat on the Pure Watercraft board of directors.

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Pure Watercraft closes US$37 5m Series A funding for electric outboards

Pure Watercraft closes US$37 5m Series A funding for electric outboards
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Pure Watercraft Closes $37 5M Series A Funding

This investment will enable the company to grow the team and expand adoption of its solutions. Founded in April 2011 and led by CEO Andy Rebele, Pure Watercraft delivers innovative marine propulsion solutions more sustainable for the planet. The company provides an electric outboard motor system with the propulsion equivalent of up to 50 HP gas outboards. Its proprietary lithium-ion battery pack is thermally-managed for high performance and long life, and has the most energy for its weight of any battery pack in marine about the same as that of the Tesla Model 3. Customers can shop directly at purewatercraft.com for drop-in replacement outboard motor systems or complete boat packages – rigid inflatable boats from Highfield Boats, fishing and pontoon boats from Bass Pro Shops, and coaching launches from Still Water Design.

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