Yanmar Holdings has acquired a majority share in ELEO Technologies, a battery technology company based in Helmond, the Netherlands. Integrating ELEO’s modular battery technology into Yanmar’s range will allow the firm to expand its electric powertrain capabilities with versatile solutions for off-road applications.
“We are thrilled to partner with Yanmar”, said ELEO co-founder Bas Verkaik.
Yanmar acquired a majority share in ELEO through its subsidiary Yanmar Europe, although the financial terms of the deal were not disclosed.
After joining the Yanmar Group as part of Yanmar Power Technology, ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands.
“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.