Japanese conglomerate Yanmar has acquired a majority share in Eleo Technologies, a battery technology startup in Helmond, the Netherlands.

Eleo, founded in 2017 as Spike, is developing modular battery packs based on its advanced Battery Management System and thermal management bring higher performance, safety and lifetimes. This has been used for electric construction vehicles.

For example, machinery manufacturer Green Road Equipment and system integrator Motrac developed a unique electric tandem roller using a 20kWh high-performance battery pack from Eleo. This is built from four Eleo Size 35 battery modules to provide about 20 kWh of capacity, which is more than enough for a full day of intense work. There is an option to add a fifth battery module, which increases the capacity to 25 kWh.

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Yanmar aims to integrate the scalable, and modular battery technology into electric powertrain systems for its off-road and construction applications, and Eleo is building a production facility with a capacity of 500MWh, equivalent of approximately 10,000 battery packs, at its base in the Netherlands that is planned for completion by mid-May 2022.

“We are thrilled to partner with Yanmar,” said 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.”

Yanmar acquired a majority share 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.