Global engineering group acquires battery EV maker

Sandvik, a Swedish based engineering group involved in mining and materials technology globally, has acquired US battery electric manufacturer Artisan Vehicle Systems.

A market leader in battery EVs operating in underground mines, Artisan will be a business unit in the load and haul division within Sandvik Mining and Rock Technology which has a big presence in Australia and is also in New Zealand.

Based in California, Artisan makes battery powered underground mining equipment such as loaders and trucks, its core technology including battery packs, electric motors, power electronics, software and control systems.

“I am pleased to see the strategic acquisition of Artisan so soon after the opening of Sandvik’s state-of-the-art Battery Electrification Innovation and Development Centre in Turku, Finland, in 2018,” Sandvik Mining and Rock Technology president Lars Engstrom says.

“It is in line with our ambition to be leading in the market for battery electric vehicle solutions.”

Sandvik Mining and Rock Technology load and haul division president Mats Eriksson says Artisan is a frontrunner in EV development.

It’s a start-up company which in 2017 had revenues of US$12.3 million and about 60 employees, while Sandvik has about 42,000 employees.

Both parties have agreed not to disclose the purchase price, with the transaction expected to close during the first quarter of 2019.

Artisan told Australian Mining last year of its ambitions to bring the underground EV technology to Australia, but needed to partner with an OEM to continue global growth.