Electric outboard manufacturer Torqeedo reported that the venture arm of the Bosch Group invested in the company.
Robert Bosch Venture Capital GmbH acquired a minority share in Torqeedo, and the company said the financing will help Torqeedo accelerate its growth and continue to develop its range of products.
“Having Bosch's expertise in electric-mobility within the shareholder base can't be valued highly enough and is something that all of our customers will benefit from,” Christoph Ballin, Torqeedo co-founder and CEO, said in a statement.
Existing investors also participated in this financing, alongside Robert Bosch Venture Capital, Torqeedo said.
“Torqeedo is in an excellent global position to drive marine electric-mobility forward,” Dieter Kraft, an investment partner from Robert Bosch Venture Capital, said in a statement.