German engine manufacturer Deutz has shown its commitment to the field of electrification with the acquisition of electric drive specialist Torqeedo.
Deutz claims Torqeedo, founded 12 years ago, is the current global market leader in integrated electric and hybrid drives for boats.
Dr Frank Hiller, chairman of the board of management at Deutz, said the acquisition would enable the firm to gain the expertise it requires to expedite the electrification of its product range “where it makes sense from a technical and financial perspective”.
“This will give us a significant advantage,” he said, “in a very fast-moving competitive environment. It also marks the start of our E-DEUTZ strategy, for which Torqeedo will be the catalyst.”
Deutz plans to invest almost US$120 million (including the Torqeedo acquisition) to drive forward the implementation of its new strategy, which includes the reduction of emissions, fuel consumption and operating costs.
Following the acquisition of his company, Torqeedo’s founder and CEO, Christoph Ballin, said the firm had “extensive know-how in respect of electric motors, battery management, power electronics and system integration.
“We look forward to working with Deutz’s development teams,” he said, ”in order to play a key part in driving forward electrification in the off-highway sector.”