© Bart van Overbeeke
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The innovative battery manufacturer ELEO based in Helmond, the Netherlands, will be able to realise its growth ambitions for the coming years thanks to a multi-million investment from the Lumipol Group, also based in the province of Brabant. ELEO originally started in 2017 as a spin-off from the Technical University Eindhoven (TU/e) under the name SPIKE.

At the beginning of this month, the start-up announced that it was changing its name to ELEO. On that occasion, co-founder Bas Verkaik told Innovation Origins about his ambition “to become a leading European manufacturer of advanced battery systems.”

The Lumipol Group is to receive a minority stake in the company for its investment. The group is active in the field of power trains across various niche markets. These include diesel engines, pumps, generators and the associated control electronics and robotics.

ELEO supplies modular battery solutions for a range of industrial applications. Following the successful market launch of its systems in 2020, ELEO plans to expand significantly over the coming years.

“In order to realise our growth ambitions, over the coming period we will invest in the further development of our products, expansion of our facilities and the strengthening of our team,” said Verkaik. “Cooperation with this investor is very appealing to us due to Lumipol’s expertise in our growth markets, combined with its extensive experience in the field of business operations.”


Verkaik built an electric motorcycle together with two fellow students at TU/e back in 2014. With it, they drove around the world in eighty days. By doing that, the three wanted to demonstrate that it is possible to drive everywhere electrically. As it happens, that motorbike is now in the central hall of the Automotive Campus in Helmond. Which is also where the company’s office and production hall are currently located.

ELEO is developing a modular battery system that sets itself apart because of its advanced battery management system (BMS) and innovative thermal management system. This delivers significant advantages in terms of safety, reliability and service life. The modular concept ensures that the batteries are cost-effective for a variety of applications, from small to medium-sized series.

Drive systems

According to Lumipol, the demand for drive systems featuring batteries is rising rapidly. Tom Krieckaert, CEO/Managing Director at Lumipol: “We find it important to be able to actively pursue energy transition. What really appeals to us is the great potential of ELEO’s solutions in the development of electric and hybrid applications. As such, ELEO fits in very well with the expertise of our family of companies.”