Lumipol Group has played a key role as early-stage investor in ELEO by helping the company through strategic management support and providing financial resources. Upon the investment in ELEO in 2021, Lumipol and ELEO set ambitious goals to grow ELEO’s business. Expectations have clearly been exceeded as major achievements were reached in a relatively short period of time, which have been recognized by Yanmar. With the sale of all its ELEO shares to Yanmar, Lumipol enables ELEO to take the next step, accelerate its growth and to scale up to a global business.

Tom Krieckaert, Managing Director of Lumipol Group: “First of all, we would like to congratulate ELEO with this exciting step to join the Yanmar Group. We have been working together with the ELEO team and it is absolutely amazing to see what they have achieved in such a short time. We are thankful for the cooperation and the successful investment. We wish ELEO and Yanmar all the best and success in their journey together. ELEO’s future is bright!”

Jeroen Bleker, co-founder of ELEO: “We are very grateful to Lumipol for their support and for recognizing our unique battery technology in the early stages of our journey. It has been a great ride in which we have taken big steps together. Thank you, Lumipol!”