Torqeedo is now part of Yamaha
Yamaha announced in mid-January 2024 that it would take over Torqeedo, which specialises in electric boat drives. Even before that, there had been indications that Torqeedo could change hands. In October 2023, a Deutz spokesperson confirmed that the company was “in talks with several interested parties.”
Torqeedo says the deal’s closing marks a milestone in Yamaha’s “CASE Strategy 2024.” It aims to achieve carbon neutrality in the marine industry and includes the development of an electric drive line. Yamaha Motor has a broad portfolio ranging from motorbikes and quads to boat drives – and has now acquired Torqeedo’s expertise for electric boat drives, with almost two decades of experience and over 250 patents for electric motors, propellers and electrical systems.
“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,” says Toshiaki Ibata, Senior Executive Officer, Chief Director of Marine Business Operations at Yamaha Motor. Fabian Bez, CEO of Torqeedo, adds: “With Yamaha Motor, we have a strong strategic partner at our side to jointly advance electromobility on the water. 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.”
Deutz, based in Cologne, Germany, took over Torqeedo in 2017 under the then-CEO Frank Hiller. It now has a different CEO and a new strategy. The company wants to further develop its traditional business, primarily with combustion engines – Torqeedo’s electric motors no longer fit into the concept. However, there have also been reports of losses in the millions, quality problems and mismanagement.
“Torqeedo has found a new home with a strong industrial base that will enable it to achieve further dynamic growth. I would like to congratulate both Yamaha and Torqeedo. I wish Fabian Bez, his management team, and the entire workforce all the very best for the future,” says Deutz CEO Sebastian C. Schulte. “For Deutz, this step represents a structured restart for the Green segment. We are freeing up resources so that we can forge ahead with the development of drive solutions that meet the market’s needs and the needs of our customers. Only by doing so will we ultimately be able to earn money with our green products and establish a profitable green ecosystem.”
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