Yamaha Motor Marine has closed its acquisition of marine electric propulsion company Torqeedo.
The closing of the share purchase agreement with German engine manufacturer DEUTZ AG, the previous owner of Torqeedo, marks a milestone in Yamaha Motor’s Marine CASE Strategy 2024, which aims to achieve carbon neutrality in the marine industry and includes the development of an electric propulsion line.
“With Yamaha Motor, we have a strong strategic partner at our side to jointly advance electromobility on the water,” said Fabian Bez, CEO of Torqeedo. “This merger offers us new opportunities to strengthen our leading position in the growing market for electric boat motor systems and to shape the future of boating sustainably together.”
The acquisition marks Yamaha Motor’s entry into the electromobility market.
By implementing its Marine CASE Strategy in 2024, Yamaha Motor is aiming to increase its competitiveness.
The Japanese company will use Torqeedo’s experience to meet the ever-increasing demand for electric and hybrid propulsion systems.
“With the acquisition of Torqeedo, the global market leader for electric mobility on the water, we are taking the next step in our Marine CASE Strategy for 2024,” said Toshiaki Ibata, senior executive officer, chief director of Marine Business Operations Yamaha Motor.
“Torqeedo’s years of expertise provide us with expert support in driving the electrification of our marine applications to make an important contribution to a zero-emission shipping industry.”
Torqeedo has almost 20 years of experience and more than 250 patents for electric motors, propellers and electrical systems as well as series production facilities and research resources which the company now intends to use to develop boat motors together with Yamaha Motor.
