Yamaha Motor Co has acquired electric marine propulsion manufacturer Torqeedo.
Yamaha has signed a stock purchase agreement with DEUTZ AG, which owns Torqeedo, to acquire all of the electric propulsion company’s shares.
The stock acquisition is based on the acquisition of necessary clearances required by competition laws and other regulations.
Torqeedo, which was founded in 2005, offers a range of products, from electric outboard and inboard motors to batteries and other accessories.
The company also holds many patents related to electric motors, propellers, and electric systems, as well as the R&D capabilities, mass-production equipment, and development resources for next-generation environmental technologies.
Yamaha Motor’s aim in acquiring Torqeedo is to strengthen the company’s development capabilities in the electric field of its Marine CASE Strategy, which outlines the general direction for the marine products business in its current medium-term management plan.
The acquisition is also intended to accelerate the company’s efforts for achieving carbon neutrality in the marine industry as well as aid in fast-tracking establishing a small electric propulsion line-up.
Yamaha says that by combining Torqeedo’s assets with its technical expertise and know-how in hull design and marine engines, there will be more synergies for creating mid-range electric outboard motors.
By implementing its Marine CASE Strategy, Yamaha Motor aims to deliver attractive products and services with high added value to its customers and achieve its Marine Long-Term Vision of being a business further increasing the value of the ocean by providing customers with a reliable and rich marine life.