Now Torqeedo is Japanese. Following the successful so-told “closing”, Yamaha Motor completes the acquisition of Torqeedo. According to its own information, the tech pioneer from Bavaria is the world market leader for electromobility on water. The confimration of the successful takeover was announced at midday today, April 3, 2024, by Torqeedo and its previous owner, german engine manufacturer Deutz. Closin the contract, which was announced in January, was subject to official approvals.
The completion of the share purchase agreement “marks a milestone in Yamaha Motors Marine CASE Strategy 2024”, Torqeedo states in a press release. This strategy aims to ”achieve carbon neutrality in the shipping industry” and includes ”the development of an electric propulsion motor series”. In order to meet the constantly increasing demand for electric and hybrid drive systems, Yamaha can count on Torqeedo’s expertise in the future. So there is a lot to do for the company, which has only just completed a technology transfer.
New engines announced
Torqeedo has almost two decades of experience and, by its own account, more than 250 patents for electric motors, propellers and electrical systems, as well as series production facilities and extensive research resources. The company now wants to use these to ”develop boat engines together with Yamaha Motor”, according to today’s press release from the Torqeedo headquarters. “Torqeedo’s many years of expertise provide us with competent support in driving forward the electrification of our marine applications,” confirms Toshiaki Ibata, Chief Director of Yamaha Motor’s marine business.
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What this could mean in concrete terms was already hinted at in January. With Torqeedo on board, “synergies can be created for the development of electric outboard motors in the mid-price segment”, Yamaha had announced. The Japanese company’s goal is also clear: Yamaha is aiming for “a leading position in the growing market for electric boat drives”. US competitor Mercury Marine had already announced this years ago.
The fact that Torqeedo is still a valuable company can be seen clearly by the statement of the previous owner Deutz on April 3, 2023. It states that the ”sales proceeds in the high double-digit million euro range” are expected to result in a smaller double-digit million euro book profit in Deutz’s 2024 annual financial statements. For Deutz, the decision to sell Torqeedo means ”a structured new start in the green segment”. The aim is to ”increase performance in the existing business with classic engines and significantly expand the existing service business”.
Two takeovers in two days
Next, please, was the motto shortly before boot Düsseldorf 2024. After the low-voltage specialist Molabo announced two days before the trade fair that all shares in the start-up would be sold to the Swabian automotive manufacturer Hechinger, a much bigger bang followed in the electric boat motor sector on January 19, 2024. Engine dinosaur Deutz has had enough: its own subsidiary Torqeedo, one of the leading manufacturers of electric outboard and inboard engines, is sold to Yamaha Motor Co. Ltd.
Rumors about the imminent sale of the Bavarian manufacturer have been circulating for months. In April 2023, the parent company Deutz first announced its intention to part ways with the world’s leading supplier of electric boat motors for commercial and leisure shipping after seven years.
In 2017, the previously very traditional engine manufacturer acquired the specialist for electric boat engines. Deutz’s interest in electromobility on the water was limited right from the start.
In the fall of 2023, Deutz press spokesman Christian Ludwig responded to a request from float explained the intention to sell as follows: “In 2017, Deutz acquired Torqeedo with the aim of accelerating Deutz’s electrification strategy for our core customer segments – construction machinery, agricultural vehicles and industrial trucks. This has worked extremely well. In recent years, we have successfully built a strong Deutz electric portfolio for our core customer segments.”
“Technology transfer has taken place”
The goal of accelerating Deutz’s electrification strategy for the core customer segments of construction machinery and agricultural machinery was apparently achieved before the sale. “The technology transfer originally intended with the purchase of Torqeedo has taken place,” comments Deutz Managing Director Sebastian Schulte on the sale of the Group subsidiary.
