DEUTZ acquires leading German electric drive specialist Torqeedo
Electric and hybrid drive systems in DEUTZ AG’s core segments moved a step closer with the purchase of leading German electric drive specialist Torqeedo GmbH.
The move is part of a new E-DEUTZ strategy to lead the off-highway drive system market. Founded in 2005 in Starnberg, near Munich, Torqeedo is the global market leader and a system solution specialist for integrated electric and hybrid drives for boats.
DEUTZ will initially invest around €100 million to acquire Torqeedo and fast-track the new strategy. The first E-DEUTZ products should hit the market in about two years, far sooner than previously possible.
DEUTZ AG Board of Management Chairman, Dr Frank Hiller, says the purchase adds electrical expertise much faster than a stand-alone solution. It will allow DEUTZ to electrify its products where technically and financially suitable.
“This will give us a significant advantage in a very fast-moving competitive environment,” Dr Hiller says. “It also marks the start of our E-DEUTZ strategy, for which Torqeedo will be the catalyst.”
This will give us a significant advantage in a very fast-moving competitive environment.
Alternative drives will play an important role in DEUTZ’s core segments as they adapt to changing conditions. E-DEUTZ will complement our innovative drive systems by developing and manufacturing hybrid and electrified versions with off highway applications.
In Torqeedo, DEUTZ is gaining an experienced team of electrification specialists with an excellent track record, led by founder and CEO Dr Christoph Ballin. Torqeedo will continue to operate under the established brand.
Torqeedo’s technological expertise forms the nucleus of E-DEUTZ, supplementing the Company’s system of modular technologies for reducing emissions and CO2. Potential developments include downsizing internal combustion engines, leading to reduced fuel consumption and operating costs.