Yanmar Holdings Co., Ltd., a privately held multi-billion-dollar multinational company headquartered in Osaka, Japan, has acquired a majority share in ELEO Technologies B.V., a battery technology company based in Helmond, the Netherlands. By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar says it 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 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.

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