Yanmar Holdings said it acquired a majority stake in Netherlands-based battery developer ELEO Technologies.
ELEO will join Yanmar Power Technology, continuing to operate as a standalone entity in Helmond in the Netherlands. The acquisition occurred through Yanmar Europe and involved the full exit of early-stage investor Lumipol Group, Yanmar said in a statement.
Founded in 2017, ELEO is known for modular battery packs and thermal management. The company is preparing to open a new production facility later this year.
“Yanmar is committed to delivering electric powertrain solutions that enable our customers to adopt zero-emission technology without compromising on productivity,” said Tomohisa Tao, president of Yanmar Power Technology. “The investment in ELEO gives us the opportunity to adopt highly innovative technology that has been engineered for the tough conditions in which our end-users work.“
ELEO founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen will be joined by executives from Yanmar to form the company’s new management board.
“Yanmar’s leading position, premium brand reputation, global network and decades-long experience in off-road applications and ELEO’s advanced modular battery systems are a perfect match to accelerate the adoption of electrified powertrain solutions worldwide,” Verkaik said in the statement.