OSAKA, Japan, and HELMOND, the Netherlands—Yanmar Holdings Co. Ltd. recently announced that it has acquired a majority share in ELEO Technologies B.V. Integrating ELEO’s advanced, scalable and modular battery technology will help Yanmar further its electrified powertrain capabilities with versatile, customized solutions for off-road applications.

“We are thrilled to partner with Yanmar”, says ELEO cofounder 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. Financial terms of the deal were not disclosed.

ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands. Company founders Verkaik, Jeroen Bleker and Bram van Diggelen will 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.