This Morning in Metals: GM buys stake in electric boating company

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This morning in metals news: General Motors announced it had purchased a stake in Pure Watercraft, a firm specializing in “all-electric boating solutions”; aluminum prices ticked up ahead of Thanksgiving; and, lastly, Thyssenkrupp commissioned its 35th EnviNOx® system, which reduces nitrous oxide emissions.

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GM buys stake in electric watercraft firm

General Motors headquarters in Detroit, Michigan

Katherine Welles/Adobe Stock

When it comes to the automotive space and electrification, we typically focus on EVs that operate on land.

However, automaker General Motors recently announced it had purchased a stake in Pure Watercraft, which produces all-electric boating solutions. GM purchased a 25% stake in the Seattle-based firm.

“The collaboration between GM and Pure Watercraft advances a shared vision to promote sustainability through an expansion of zero-emissions mobility for future generations and reflects the holistic approach necessary for widespread EV adoption,” GM said.

The automaker noted it is investing $35 billion in electric and autonomous vehicle technology through 2025.

Aluminum prices up and down

The LME three-month aluminum price closed last week at $2,619 per metric ton. The price is down by 7.9% month over month, according to MetalMiner Insights data.

However, the London price had surged to $2,735 per metric ton by midweek.

Thyssenkrupp touts climate impact of EnviNOx®

Meanwhile, German firm Thyssenkrupp said it had commissioned its 35th EnviNOx® system, its technology that works to mitigate nitrous oxide emissions.

“At the latest installation for Arxada in Switzerland, annual emissions of laughing gas will be reduced by at least 98%, saving up to 600,000 tons of CO2-equivalents per year,” the steelmaker said. “This is a significant contribution to the country’s climate targets.”

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