Yanmar Acquires Majority Ownership in Battery Technology Company
Yanmar Holdings Co., Ltd., has acquired a majority share in ELEO Technologies B.V., a fast-growing battery technology company based in the Netherlands. By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar will further its electrified powertrain capabilities with versatile, customized solutions for off-road applications.
As part of Yanmar Power Technology Co., Ltd., ELEO will continue to operate as a stand- alone entity under its own brand. 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 Yanmar executives 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,” 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.”