Yamaha Motor Announces Intent to Acquire Electric Marine Propulsion Manufacturer Torqeedo

Yamaha Motor Co., Ltd. (Tokyo: 7272) announced today the recent conclusion of a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo^®, to acquire all of Torqeedo's shares. The intended acquisition of Torqeedo, which is subject to clearances, permits, etc., required by competition laws and other regulations, further supports Yamaha's strategy to implement a multiple technology approach to achieve carbon neutrality. The pending acquisition also boosts Yamaha's position in the competitive electric propulsion market.

Torqeedo is a pioneer in the field of electric marine propulsion and offers a wide-ranging line of products, from electric outboard and inboard motors to batteries and various other accessories. It also holds many patents related to electric motors, propellers, and electric systems, as well as the R&D capabilities, mass-production equipment, and development resources for next-generation environmental technologies.

"Yamaha's acquisition of Torqeedo supports the current Mid-Term Plan and helps to accelerate the company's efforts toward achieving carbon neutrality by 2050. That goal within the marine market can only be reached through an approach leveraging a variety of solutions, one of which is electric propulsion," said Ben Speciale, President, Yamaha U.S. Marine Business Unit. "Through the relationship with Torqeedo, Yamaha will have the ability to fast-track the establishment of a small electric propulsion lineup, complimenting the company's efforts with hydrogen and sustainable fuels as additional means of reducing the carbon footprint on the water. Furthermore, the pending acquisition supports Yamaha Marine's CASE strategy, which helps Yamaha deliver high-value, innovative products to customers while promoting marine conservation and sustainability."

A recent, first-of-its-kind study commissioned by the International Council of Marine industry Associations (ICOMIA) entitled The Pathways to Decarbonisation for the Recreational Marine Industry, validates Yamaha's approach to carbon neutrality, revealing a multi-plan approach is the best way to continue the decarbonisation of recreational boating. Through the study, leading global engineering consulting firm, Ricardo plc, investigated propulsion technologies across nine common recreational watercraft to compare the impact of lifetime global greenhouse gas (GHG) emissions, financial costs, usability, performance, range and infrastructure implications.

Due to the unique water environment of boats, the study found there is no "one-size-fits-all" solution, and instead recommends a portfolio of technologies to continue the reduction of carbon emissions within the recreational boating industry including a combination of electric, hybrid, sustainable fuel and internal combustion applications.

Recreational boats, which depend on clean water and preserved environments, account for less than 0.1 percentⁱ of (GHG) emissions, specifically 0.7 percentⁱⁱ of transportation carbon dioxide (CO₂) emissions in the United States and 0.4 percentⁱⁱⁱ of transportation CO₂ emissions in Europe. Due to concentrated efforts within the marine industry, in the last two decades, the U.S. recreational marine industry alone has decreased marine engine emissions by more than 90 percent and increased fuel efficiency by more than 40 percent. Yamaha remains at the forefront of these efforts. Beyond this progress, the global recreational marine industry remains committed to leading conservation efforts that protect the natural marine environment and identifying ways to expand its collective efforts. To learn more, visit PropellingOurFuture.com.

Yamaha U.S. Marine Business Unit, based in Kennesaw, Ga., markets and sells marine outboard motors ranging in size from 2.5 to 450 horsepower. It also markets and sells fiberglass, jet-drive sport boats ranging from 19 to 27 feet, and personal watercraft. The unit includes manufacturing divisions of Yamaha Marine Systems Co., Inc., including Kracor of Milwaukee (rotational molding), Bennett Marine of Deerfield Beach, Fla. (trim tabs), and Yamaha Marine Precision Propellers of Indianapolis (stainless steel propellers). Yamaha U.S. Marine Business Unit is a division of Yamaha Motor Corporation, U.S.A., based in Cypress, Calif.

ⁱ U.S. Environmental Protection Agency (EPA), https://www.epa.gov/ghgemissions/global-greenhouse-gas-emissions-data

ⁱⁱ U.S. EPA, Greenhouse Gas Explorer CSV File Download 1990?2020, "Greenhouse gas emissions from ships and boats in the United States", 20 April 2023, https://cfpub.epa.gov/ghgdata/inventoryexplorer/#allsectors/allsectors/allgas/econsect/all

ⁱⁱⁱ Panteia, TNO and Emisia, "Review study on the Recreational Craft Directive 2013/53/EU", 15 September 2021, https://single-market-economy.ec.europa.eu/system/files/2021-11/Final%20Report%20Review%20Study%20on%20the%20Recreational%20Craft%20Directive%202013%2053%20EU.pdf

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement. Torqeedo is a registered trademark of Torqeedo GmbH.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

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