Seattle-based electric boat engine company Pure Watercraft entered receivership in July, according to King County court documents.
The court filings note Pure Watercraft is "indebted to creditors" and "unable to pay its debts when they become due." The court appointed Bellevue-based Turnford Restructuring Group as the receiver, and Seattle-based law firm Bush Kornfield is acting as counsel for Turnford.
Pure Watercraft declined a request for comment.
GM, which took a 25% stake in Pure Watercraft in 2021, has by far the largest security interest in the company. GM has invested more than $35 million into Pure Watercraft, according to court documents.
The court documents note Pure Watercraft has no real property, but the company's assets include $25.5 million of raw materials and $3.7 million in "finished goods."
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Pure Watercraft was founded in 2011. The company made an electric outboard motor system that cost $21,600, according to its website, and it could replace 20- to 50-horsepower gas engines. Pure Watercraft also sold full boats through a partnership with Highfield Boats that ranged from $29,600 to $37,500.
Customers could also pre-order a pontoon boat that cost $75,000 for the single outboard model and $95,000 for the twin-outboard model.
Pure Watercraft landed $37.5 million in 2020 from L37 and Tom Alberg, an early Amazon investor who died in 2022. Alberg co-founded Seattle-based Madrona Venture Group in 1995. Pure Watercraft has 56 employees listed on LinkedIn.
Turnford Restructuring Group was founded in 2014. The firm offers interim executive management and receiverships. Turnford says on its website it works with companies in aerospace, commercial fishing and industrial chemicals, among others.
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