Deutz is entering the electrification market with the acquisition of Torqeedo, a Munich-based developer of electric and hybrid drives for boats, which will be incorporated into the E-Deutz arm of the business.
Founded 12 years ago, Torqeedo now operates in over 50 countries on five different continents and has significant experience in components, software and system integration for electric drives.
“Acquiring Torqeedo will enable us to gain electrical expertise far more quickly than with a standalone solution, and to electrify our product range where it makes sense from a technical and financial perspective,” said Dr Frank Hiller (above), chairman of the board of management at Deutz AG.
“This will give us a significant advantage in a very fast-moving competitive environment. It also marks the start of our E-Deutz strategy, for which Torqeedo will be the
catalyst.”
Alongside their role as managing directors of Torqeedo, CEO and founder Dr Christoph Ballin (above) and chief operating officer Dr Ralf Plieninger (right) will also take on senior management positions at Deutz, with Ballin appointed head of strategy and Plieninger head of electrification.
“Torqeedo has extensive know-how in respect of electric motors, battery management, power electronics and system integration,” Ballin said.
“We look forward to working with Deutz’s development teams in order to play a key part in driving forward electrification in the off-highway sector.
“Being part of the Deutz Group will create additional opportunities for Torqeedo in the areas of industrialization, purchasing, sales and service. We aim to make use of these opportunities and further accelerate our growth.”
September 29, 2017
