Multi-billion dollar firm Yanmar Holdings, Co. has acquired Netherlands-based battery company Eleo Technologies B.V. with a goal of furthering electrified powertrain capabilities.

 “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., through a series of transactions that included a full exit of early-stage investor Lumipol Group. Financial terms of the deal were not disclosed.

Eleo is slated to continue operations as a standalone entity under its own brand at its current location in Helmond, the Netherlands. Founders Bas Verkaik, Jeroen Bleker and Bram van Diggelen will be joined by Yanmar executives to form the company’s management board.

“Yanmar is committed to delivering electric powertrain solutions that enable our customers to adopt zero-emission technology without compromising on productivity,” said Tomohisa Tao, president of Yanmar Power Technology. “The investment in Eleo gives us the opportunity to adopt highly innovative technology that has been engineered for the tough conditions in which our end-users work.”