Pure Watercraft's ambitious effort to revolutionize the boating industry with electric outboards has ended in receivership, illustrating the challenges of penetrating the competitive market.
Despite significant investment and a commitment to sustainability, Pure Watercraft struggled to compete in the marketplace with high upfront costs compared to traditional gas options.
The company's financial documents reveal extensive debts, including approximately $35 million from investors like GM, while also listing $25 million in non-cash assets.
As Pure Watercraft enters receivership, precision about the fate of its assembled motors and battery units remains uncertain for the 900 customers who made down payments.
Collection
[
|
...
]