Yamaha Motor closes acquisition of Torqeedo
Yamaha Motor has closed its acquisition of marine electric propulsion manufacturer Torqeedo.
The closing of the share purchase agreement with German engine manufacturer Deutz AG, the previous owner of Torqeedo, was first announced in January and confirmed on Wednesday (3 April 2024).
“With Yamaha Motor, we have a strong strategic partner at our side to jointly advance electromobility on the water,” says 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.”
Japanese firm Yamaha Motor says the acquisition is a milestone in its Marine Case Strategy 2024, which aims to accelerate the decarbonisation of shipping and includes the development of an electric propulsion line. Yamaha says it will use Torqeedo’s expertise to meet the ever-increasing demand for electric and hybrid propulsion 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.
Torqeedo has over 250 patents for electric motors, propellers, and electrical systems, series production facilities and broad research resources, which the company now intends to use to develop boat motors together with Yamaha Motor.
