Yanmar Holdings Co., Ltd., the Japan-based parent company of Yanmar Compact Equipment, has acquired a majority share in ELEO Technologies, a battery-technology company based in the Netherlands.
By integrating ELEO’s advanced, scalable and modular battery technology, Yanmar reports, it “will further its electrified powertrain capabilities with versatile, customized solutions for off-road applications.”
“We are thrilled to partner with Yanmar,” says ELEO co-founder Bas Verkaik. “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.”
After joining the Yanmar Group as part of Yanmar Power Technology Co., Ltd., ELEO will continue to operate as a stand-alone entity under its own brand at its current location in the Netherlands. ELEO founders Verkaik, Jeroen Bleker and Bram van Diggelen will maintain their focus on further strengthening the company’s technology and accelerating business growth; they will be joined by key executives from Yanmar to form the company’s management board.
“Yanmar is committed to delivering electric powertrain solutions that enable our customers to adopt zero-emission technology without compromising on productivity,” says 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. We look forward to working with the ELEO team on their progressive product roadmap and utilizing our experience, expertise and global presence to support them in their exciting growth path, towards the realization of a sustainable future.”