Yanmar Makes Major Battery Buy
FAR EAST: JAPAN REPORT
Yanmar Holdings Co. Ltd. announced it has acquired a majority share in ELEO Technologies B.V., a battery technology company based in Helmond, the Netherlands. By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar said it will further its electrified powertrain capabilities with customized solutions for off-road applications.
After joining the Yanmar Group as part of Yanmar Power Technology Co., Ltd., ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands.
Founded in 2017, ELEO Technologies develops and produces advanced modular battery packs which are differentiated by their proprietary battery management system (BMS) and thermal management technologies. The company is near completion with a new advanced production facility that will increase its annual battery production capacity to 500 MWh, equivalent to approximately 10,000 battery packs.