Torqeedo acquired by engine manufacturer DEUTZ
DEUTZ announced 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 highly acclaimed, 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 start-up.
“As part of DEUTZ, Torqeedo will realise substantial opportunities in the areas of industrialisation, 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%. Sales in the last financial year amounted to EUR 25 million, which corresponds to a growth of more than 40%. The company employs 130 people at its locations in Gilching near Munich, Crystal Lake (Illinois, USA) and Bangkok (Thailand).
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 COO, Dr. Ralf Plieninger, as Head of Electrification. As the new Chief Financial Officer (CFO) of Torqeedo, Heiko Brambach is appointed to the management board. The 40 year-old business manager began his career at PricewaterhouseCoopers and was most recently Head of Controlling Products at DEUTZ.
For further information about Torqeedo’s products, please visit www.torqeedo.com.