Apple Watch Ultra 2 Unresponsive

I have just unboxed an Ultra 2 Watch. It is completely unresponsive. Pressing the power button for 10 seconds gets no response. Pressing the crown and power button for 10 seconds gets no response. Not even a red lightning bolt to say it has no power. Placing the watch on the charger feels like a positive-to-positive magnet, pressing away from each other and there are flashes of light between the charger and the watch. What is going on here? Thanks.