Yanmar makes major battery buy

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. Yanmar acquired its stake in ELEO through its subsidiary Yanmar Europe B.V., by means of a series of related transactions including a full exit of early-stage investor Lumipol Group. The financial terms of the deal were not disclosed. Yanmar announced it has acquired a majority stake in ELEO Technologies, a European supplier of advanced modular battery system for off-road applications. 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.