Pictured are Takayuki Onodera (Yanmar) and Bas Verkaik (ELEO) at the signing ceremony.

By integrating ELEO’s scalable, and modular battery technology, Yanmar will further its electrified powertrain capabilities with versatile, customized solutions for off-road applications.

Yanmar acquired a majority share in ELEO through its subsidiary Yanmar Europe, 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.

After joining the Yanmar Group as part of Yanmar, ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands.

ELEO’s founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen, will maintain their focus on further strengthening the company’s technology and accelerating business growth.

The founders will be joined by key executives from Yanmar to form the company’s management board