Yanmar acquires majority share in battery tech company
By Catrin Jones06 April 2022
Yanmar has announced that it has acquired a majority share in Eleo Technologies B.V., a battery technology company based in Helmond, the Netherlands.
Using Eleo’s modular battery technology, Yanmar plans to further its electrified powertrain capabilities with customised solutions for off-road applications.
Eleo’s co-founder Bas Verkaik, said, “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.”
Yanmar acquired a majority share in Eleo through its subsidiary Yanmar Europe B.V., but the financial terms of the deal were not disclosed.
After joining as part of Yanmar Power Technology Co., Ltd., Eleo will continue to operate under its own brand at its current location in the Netherlands.
Tomohisa Tao, president of Yanmar Power Technology, said, “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. We look forward to working with the Eleo team on their progressive product roadmap and utilising our experience, expertise and global presence to support them in their exciting growth path, towards the realisation of a sustainable future.”