Yanmar acquires majority shares in ELEO to bolster its portfolio

Yanmar Holdings Co., Ltd., a privately owned multi-billion-dollar MNC located in Osaka, Japan announced the acquisition of majority shares in ELEO Technologies B.V, a rapidly growing battery technology firm located in Helmond, Netherlands.

As per reports, by incorporating ELEO’s scalable, modular, and advanced battery technology, Yanmar will develop its electrified powertrain capabilities with customized and versatile solutions for off-road applications.

The final terms of the deal have, however, not been disclosed yet.

Bas Verkaik, Co-Founder of ELEO, stated that the team is excited to collaborate with Yanmar as the brands’ reputation, leading position universal network, and long-term experience in off-road applications, compiled with ELEO’s latest modular battery systems, will be a perfect match to speed up the adoption of electrified powertrain across the world.

According to sources, Yanmar acquired a major share in ELEO via its subsidiary Yanmar Europe B.V, through a series of interrelated transactions including a complete exit of an initial investor Lumipol Group.

For the uninitiated, after joining the Yanmar Group as a segment of Yanmar Power Technology Co., Ltd., ELEO will still operate as a stand-alone organization under its own brand at its present location in Netherlands.

Reportedly, Jeroen Bleker, Bas Verkaik, and Bram van Diggelen, Founders of ELEO, will continue to focus on strengthening the firm’s technology and speeding up its business growth. The founders will further be joined by Yanmar executives to build the firm’s management board.

Tomohisa Tao, President of Yanmar Power Technology, mentioned that Yanmar is dedicated to delivering electric powertrain solutions which will allow the users to adopt zero-emission technology without compromising on the output.

Tomohisa added that the investment in ELEO will provide the opportunity to adopt highly innovative technology which has been developed for tough conditions in which the users operate.

Source Credit:- http://www.automobilsport.com/yanmar-acquire-ownership-battery-technology-eleo---235853.html