Epiroc has agreed to acquire the business and assets of FVT Research Inc, a Canadian company with expertise in converting diesel-powered mining machines to battery-electric vehicles.
FVT Research, based in Vancouver, Canada, designs diesel-to-battery conversion kits and rebuilds mining machines to electric versions. The company has also recently been part of a successful project to convert the diesel-powered Epiroc Scooptram ST1030 loader to battery electric.
FVT Research has about 25 employees and had revenues in 2020 of C$4 million ($3.2 million).
“Bringing the strong team at FVT Research into the Epiroc Group fits perfectly into our strategy to provide emissions-free battery-electric vehicles,” Helena Hedblom, Epiroc’s President and CEO, said. “Our customers are increasingly discovering the significant benefits that come with using battery-electric vehicles, and FVT Research’s technical expertise and competence will be key assets for Epiroc as we continue to provide more solutions in this area.”
The acquisition is expected to be completed in the second half 2021, with the transaction not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.