(GILCHING, Germany) — Deutz announced Wednesday that it has acquired Torqeedo. The acquisition brings together one of the world’s leading independent engine manufacturers with the market leader in electric mobility on the water. As an independent subsidiary of Deutz AG, Torqeedo will continue the development of its high-tech marine products under its established Torqeedo brand and with its current leadership.
Founded 12 years ago in Starnberg, Germany, and supported by venture capital so far, Deutz's acquisition marks a new phase in the development of the successful startup.
“As part of Deutz, Torqeedo will realize substantial opportunities in the areas of industrialization, supply chain management, sales and service. We will use these to further accelerate the development of sustainable and modern mobility on the water”, said Christoph Ballin, CEO of Torqeedo.
Since its market entry in 2006, Torqeedo has achieved an average annual growth rate of 35 percent. Sales in the last financial year amounted to $29 million, which corresponds to a growth of more than 40 percent. The company employs 130 people at its locations in Gilching near Munich, in Crystal Lake, Ill., and in Bangkok.
Deutz is a pioneer in the development of combustion engines as an independent manufacturer of highly efficient natural gas and diesel engines for the industrial, agricultural and commercial vehicle market since 1864. In Torqeedo, Deutz gains development expertise and years of proven product experience in all aspects of electric mobility. Within the framework of the new E-Deutz strategy, Deutz will bring these sustainable electric and hybrid technologies to its existing product lines.
Torqeedo’s leadership will assume additional roles in the top management of Deutz AG: CEO Dr. Christoph Ballin as head of strategy, and Torqeedo’s chief operating officer, Dr. Ralf Plieninger, as head of eectrification. As the new chief financial officer of Torqeedo, Heiko Brambach is appointed to the management board. The business manager began his career at PricewaterhouseCoopers and was most recently head of controlling products at Deutz.