Torqeedo, a German-based electric outboard manufacturer with a U.S. office in Hawthorn Woods, Ill., was awarded Start-Up of the Year by Deutscher Gruenderpreis.
More than 100,000 companies are founded in Germany every year. Of those, 130 were nominated for the Start-Up of the Year award. This marks the first time the award was given to a company from the marine industry.
To the committee of the Deutscher Gruenderpreis, Torqeedo combined fundamental improvements in electric propulsion, perspective on market opportunities and an international approach into an exceptionally promising enterprise.
"We are extremely proud that our work received such recognition," said managing director and co-founder Christoph Ballin in a statement. "But the award does not belong to the Torqeedo team alone. It belongs also to our customers in 37 countries who support our products and who share our philosophy of clean, strong and modern outboards."
The German start-up prize has been awarded since 2002, in the following categories: Concept, Newcomer, Visionary and Life's Work. The prizes are awarded to entrepreneurs who show outstanding initiative, daring and responsibility, combined with top performance in their given field.