Helmond-based battery scaleup Eleo acquired by Japanese multinational

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.

“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.”