Collin Arocho
24 February

Eleo (formerly Spike Technologies) has secured itself a new investor. The Helmond-based battery solutions startup announced that Lumipol Group has taken a minority stake and would aid the company realize its growth ambitions. While the total investment wasn’t disclosed, Eleo did reveal that the boost in cash flow amounted to “several millions” aimed at establishing the startup as a leading player in the field of advanced battery systems. The company is a spinoff from Storm Eindhoven, a student project in which an electric motorcycle was developed that rode around the world in 80 days. Eleo is collaborating with TNO to create enhanced algorithms for improved battery performance and safety.

Eleo designs and manufactures modular battery solutions for various industrial applications. Credit: Eleo

Lumipol Group is a family business with companies active in in the field of power systems or powertrains in various niche markets such as diesel engines, pumps, generators, associated control electronics and robotics. “In order to realize our growth ambitions, we’ll invest in the further development of our products, the expansion of our manufacturing facilities and strengthening of our team,” says Bas Verkaik, co-founder of Eleo. “Lumipol’s investment is a great result from our search for a suitable investor and partner. Due to the expertise of Lumipol in our growth markets in combination with the extensive experience in the field of business management, we’re confident that the cooperation with this investor will support us in the realization of our ambitious plans in the coming years.”