Deutz has acquired Torqeedo. Terms were not disclosed. Deutz says in a statement that Torqeedo will remain an independent subsidiary of Deutz AG.

“Torqeedo will continue the development of its highly acclaimed, high-tech marine products under its established Torqeedo brand and with its current leadership,” says the statement.

Torqeedo was founded 12 years in Starnberg Germany and has been funded by venture capital. “As part of Deutz, Torqeedo will realise substantial opportunities in the areas of industrialisation, supply chain management, sales and service. We will use these to further accelerate the development of sustainable and modern mobility on the water,” says Christoph Ballin, CEO of Torqeedo, in the statement.

Torqeedo has had an average growth rate of 35% per year since it launched into the market in 2006. Its sales last year were about €25m, which translates to 40% growth for the year. The company employs about 130 workers at locations in Gilching near Munich, Crystal Lake (Illinois, USA) and Bangkok (Thailand).

Torqeedo said it would bring its proven product experience to Deutz’s other divisions. “Within the framework of the new E-Deutz strategy, Deutz will bring these sustainable electric and hybrid technologies to its existing product lines,” said the statement.

Torqeedo executives will assume other roles within Deutz in addition to their current jobs. Ballin will be Deutz’s head of strategy, and Torqeedo’s COO, Ralf Plieninger, will be head of electrification. As the new chief financial officer (CFO) of Torqeedo, Heiko Brambach has been appointed to the management board.