Osaka-based manufacturer of heavy things including agricultural and construction equipment, climate control systems, and engines, Yanmar Holdings has acquired Dutch modular battery systems maker ELEO. The acquisition marks a full exit for Netherlands-based early-stage investor Lumipol Group. The financial details of the transaction were not disclosed.
Having delivered the world's first, practical compact diesel engine in 1933, Yanmar has since built upon a string of successes. Amongst its accolades, Yanmar was commended by The Japan Institute of Marine Engineering (JIME) in 2005 for its work in electric propulsion systems.
Almost twenty years later, the firm plans to further strengthen its electrified off-road vehicle capabilities with the simple integration of ELEO’s technologies.
ELEO will continue to operate as a stand-alone business unit, and under its own brand moniker, with founders Bas Verkaik, Jeroen Bleker, and Bram van Diggelen remaining on board.
“We are thrilled to partner with Yanmar”, commented 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.”
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