Engine manufacturer Deutz has bought Germany-based electric drive developer Torqeedo for an undisclosed sum, providing exits for industrial product manufacturer Robert Bosch and car parts supplier Brose.
Founded in 2005, Torqeedo manufactures electric and hybrid-powered propulsion motors for watercrafts that range from 0.5 kW to 100kW in power.
Deutz plans to incorporate Torqeedo’s R&D expertise into its electric and hybrid motoring division, E-Deutz, which it now expects to launch two years earlier than previously planned.
Deutz, which currently offers modular efficiency upgrades for petrol-based, non-highway engines, has earmarked €100m ($118m) to get E-Deutz up and running, including the cost of buying Torqeedo.
Bosch’s corporate venturing arm, Robert Bosch Venture Capital (RBVC), co-led Torqeedo’s $7.4m series C round with private equity firm Wheb Partners in 2012, investing alongside Brose affiliate Brose Trust, family office Extorel and venture capital firm BayBG.
Wheb, which later became Alpina Partners, had already led a $6.1m round for Torqeedo in 2010 with a contribution of $3.9m, according to trade paper Realdeals.
Deutz chairman Frank Hiller said: “Acquiring Torqeedo will enable us to gain expertise far more quickly than with a stand-alone solution and to electrify our product range where it makes sense from a technical and financial perspective.”
– Image courtesy of Torqeedo GmbH