Yanmar makes major battery buy

Yanmar Holdings Co. Ltd., announced it has acquired a majority share in ELEO Technologies B.V., a battery technology company based in Helmond, the Netherlands. Yanmar acquired its stake in ELEO through its subsidiary Yanmar Europe B.V., by means of a series of related transactions including a full exit of early-stage investor Lumipol Group. The financial terms of the deal were not disclosed.

Yanmar announced it has acquired a majority stake in ELEO Technologies, a European supplier of advanced modular battery system for off-road applications. (Photo: ELEO)

By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar said it will further its electrified powertrain capabilities with customized solutions for off-road applications.

“We are thrilled to partner with Yanmar”, said 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 Helmond, the Netherlands. ELEO’s founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen, will maintain their focus on further strengthening the company’s technology and accelerating business growth. The founders will be joined by key executives from Yanmar to form the company’s management board.

Takayuki Onodera (left), manager of Yanmar’s Electrification Business Development Division, and ELEO co-founder Bas Verkaik at the signing ceremony. (Photo: Yanmar)

“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. 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”.

Founded in 2017, ELEO Technologies develops and produces advanced modular battery packs which are differentiated by their proprietary battery management system (BMS) and thermal management technologies. The company is near completion with a new advanced production facility that will increase its annual battery production capacity  to 500 MWh, equivalent to approximately 10,000 battery packs. 

The new battery production plant covers an area of ​​3000 m2 – with the possibility to expand to 4,000 m2 – and incorporates a fully automated battery assembly process and cleanroom. To remain on the forefront of the industry, ELEO said the facility will house high-tech R&D labs to further develop the battery technology. There is also room for various test facilities, paddocks, assembly, and warehousing. The building will run on renewable energy thanks to the large solar array on the rooftop.