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Yanmar announced the acquisition of a majority stake in ELEO Technologies BV, a fast-growing battery technology company based in Helmond, the Netherlands. By integrating advanced battery technology, Yanmar is bolstering its electrified powertrain capabilities with versatile, custom solutions for off-road applications.
Yanmar acquired a majority stake in ELEO through its subsidiary Yanmar Europe BV, through a series of related transactions, including a full exit from early-stage investor Lumipol Group. Financial terms of the transaction were not disclosed.
ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands. ELEO founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen will continue to focus on strengthening the company’s technology and accelerating business growth. The founders will be joined by key Yanmar executives to form the company’s board of directors.
“Yanmar is committed to providing electric powertrain solutions that allow our customers to adopt zero-emissions technology without compromising productivity. Investing in ELEO gives us the opportunity to adopt highly innovative technology that has been designed for the harsh conditions in which our end users work. We look forward to working with the ELEO team on their progressive product roadmap and using our experience, expertise and global presence to support them on their exciting path to growth, towards realizing a sustainable future.”said Tomohisa Tao, president of Yanmar Power Technology.