BEECH BOTTOM, W.Va. — Pure Watercraft has closed its operations in Brooke County just a little more than a year after a ribbon cutting at its production facility located in the Beech Bottom Industrial Park.
The company fell short with its private capital investment, state Economic Development Secretary Mitch Carmichael said.
“They had some investors that were committed to a long-term strategy with the company and continue to invest until they got their production up and going and then it took a side turn,” Carmichael said Thursday on MetroNews “Talkline.”
Pure Watercraft, a Seattle-based company, then looked to the state for additional help, Carmichael said.
“We’ll help private companies succeed but we’re certainly not going to stand them up all on our own,” he said.
The company had orders for more than 900 of the zero-emission pontoon boats and had a partnership with General Motors to receive battery packs for the boat. The company even hosted an open house in February which showed how the pontoons were constructed from start to finish.
“People had put down some money for it (boat orders). I was very hopeful that they would make it but unfortunately they didn’t,” Carmichael said.
MORE Hoppy’s commentary: Pure Watercraft sinks
Pure Watercraft had to hit certain marks to continue to receive financial incentives from the state. Carmichael said the first trigger was hit because the company had 23 workers.
“I was very hopeful they would make it, unfortunately they didn’t,” Carmichael said.
The state spent more than $4 million rehabbing the Wheeling-Pitt Steel site at Beech Bottom for the company. The state owns the building and is already talking with some interested tenants or even potential buyers, Carmichael said.
“That is our building, it’s publicly-owned, it’s the taxpayers’ building, the other companies are already looking to locate and establish operations,” Carmichael said.
The Pure Watercraft announcement came during a flurry of announcements last year about new investments in West Virginia. Carmichael said there have been a lot more hits than misses including what he calls ‘home runs” like Nucor Steel in Mason County, Form Energy battery manufacturer in Weirton, Berkshire Hathaway’s renewable energy industrial site in Ravenswood, TIMET titanium metals in Jackson County.
State Revenue Secretary Larry Pack said Thursday the money spent by the state on Pure Watercraft was not wasted.
“You’re never going to bat a thousand but if we want to grow West Virginia and we want to grow jobs, we’ve got to get into the game and we’re in the game,” Pack said.