Yanmar Expands Battery Tech Innovation with Acquisition

Ryan Whisner Headshot
Updated Apr 6, 2022
ELEO - Battery Module - Battery Pack studio photo
The ELEO advanced modular battery system for off-road applications.

Yanmar Holdings will soon be able to further its efforts with electrified powertrains for off-road applications by integrating with the Netherlands-based ELEO Technologies, a developer of advanced modular battery technology.

Through a series of transactions through its subsidiary Yanmar Europe B.V, Yanmar Holdings has acquired a majority share in ELEO. Financial details of the transaction have not been disclosed, but the acquisition did include a full exit of early-stage investor Lumipol Group.

“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.”

Yanmar, ELEO officials sign over majority ownershipTakayuki Onodera (Yanmar) and Bas Verkaik (ELEO) at the signing ceremony.YanmarAs 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. The management board will consist of ELEO’s founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen and key executives from Yanmar.

Founded in 2017, ELEO develops and produces advanced modular battery packs which are differentiated by their proprietary battery management system and innovative thermal management, bringing significant benefits in terms of safety, reliability and durability. 

The company is nearing completion of a new production facility which will also house research and development labs to further develop battery technology.

“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.”