Paul van Gerven
5 April 2022

Japanese multibillion-dollar company Yanmar Holdings has acquired a majority share in Eleo, a Helmond-based startup specializing in battery technology. Yanmar, which manufacturers industrial diesel engines and heavy machinery, among other things, will use Eleo’s solutions to further its electrified powertrain capabilities for off-road applications.

Eleo, formerly Spike Technologies, is a spinoff from a student project at Eindhoven University of Technology to develop an electric motorcycle (link in Dutch). The startup focuses on custom battery systems for industrial machines, commercial vehicles, marine applications and e-mobility applications. Recently, it announced the construction of a 3000 m2 manufacturing facility at the Automotive Campus in Helmond.

Eleo battery production plant
Credit: Eleo

“We’re thrilled to partner with Yanmar,” says 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.”

After joining the Yanmar Group as 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. Eleo founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen will be joined by executives from Yanmar to form the company’s management board. The acquisition marks the exit of an early-stage investor, the Lumipol Group.

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