Torqeedo raises EUR 5.6 million in Series C Funding

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15-Mar-2012

Torqeedo, the worldwide market leader in electric mobility for boats has raised EUR 5.6 million in Series C Funding in a round led by Robert Bosch Venture Capital and WHEB Partners.

Robert Bosch Venture Capital joins existing investors including WHEB Partners, Brose Trust, Extorel, Bay BG as shareholders in Torqeedo, a successful Starnberg-based manufacturer of electric motors for boats.

Torqeedo will primarily use this new funding to launch a new range of higher horsepower electric motors for boats. With its multi-award winning outboard motors that are characterized by very high overall efficiency, built-in lithium batteries, ultra-lightweight design and innovative on-board computing, Torqeedo is already the global market leader for electric motors for boats of up to 15 horsepower.

"In our opinion, Torqeedo is excellently positioned to continue to lead the world market for electric motors for boats" commented Dr. Dieter Kraft, investment partner of Robert Bosch Venture Capital GmbH, the new investor.

Joerg Sperling, a partner at European Cleantech pioneer WHEB Partners confirmed that: "Torqeedo has made impressive progress over the past two years. The company is the world leader in a growing market segment and last year successfully grew by 46 percent. With this financing, Torqeedo can make an important step towards higher performance classes".

Dr. Christoph Ballin, CEO of Torqeedo, states that the successful completion of the Series C round of financing paves the way for the company’s continuing development. "The collaboration with our leading investors is professional, enhances our work and promotes the development of Torqeedo. Having the expertise of Robert Bosch Venture Capital now within the shareholder base is an advantage for Torqeedo which I cannot rate highly enough".

Torqeedo is best-placed as the worldwide leader in the growing market for clean, electric motors for boats.

About the Torqeedo GmbH, Starnberg:

No. 1 for clean outboards: Worldwide market-leading manufacturer of electric motors for boats.

Marine e-Mobility pioneer

Uncompromisingly high-tech approach to superior product design, for example, built-in lithium batteries, ultra-lightweight design, accurate coverage information in real-time and advanced electronics.

Best overall efficiency in the market - unique performance and range records for all Torqeedo motors

Wide range of products from 1 to 15 horsepower equivalent with innovative accessories such as solar charging technology and powerful lithium batteries.

Young, successful company founded in Starnberg, Germany in 2005.

Won numerous national and international innovation awards - including German Founders Award (2008) and Red Herring Europe Top 100 (2010), along with numerous prestigious awards in the marine sector.

Torqeedo products inspire a worldwide fan base which is growing daily in more than 40 countries.

Contact:

Torqeedo GmbH
Petersbrunner Str. 3A
GER – 82319 Starnberg
Tel. + 49 8151 268 67 -23
Media contact: Maja Berger