Sunlight Group acquires 51% of Triathlon Holding; Companies shall continue autonomous commercial operations, while leveraging synergies
ATHENS, Greece – Sunlight Group Energy Storage Systems, a technology company and member of Olympia Group, has acquired 51% of the share capital of Triathlon Holding GmbH. From this agreement, a true global leader emerges, transforming the landscape of industrial batteries for the off-road mobility sector (electric vehicles used in intralogistics, robotics and Automated Guided Vehicles-AGVs), and the energy storage sector for renewable energy applications. The combined organization is set to pursue a leadership role, mainly in Europe and the US, significantly contributing to decarbonization and energy security, building on scalable production and innovation capabilities in both lead-acid and lithium-ion batteries.
The acquisition agreement was signed this week by Lampros Bisalas, CEO of Sunlight Group, and Martin Hartmann, CEO of Triathlon Holding. Following the clearance of the transaction and relevant regulatory approval, Sunlight Group’s acquisition of 51% of the share capital in Triathlon Holding will be completed. Triathlon’s former major shareholder, Geraer Batterie Dienst GmbH, shall retain 49% of the company, and Mr. Hartmann shall remain CEO. The two industry-leading companies shall continue their autonomous commercial operations. At the same time, they will partner to maximize efforts to service the global market while leveraging synergies in both current and new sectors.
Sunlight Group and Triathlon Holding have a combined turnover of more than €1bn, operating more than 35 facilities (manufacturing plants, warehousing, R&D hubs, sales, and customer service offices) in 12 countries, and jointly employ 3,050 people across three continents. Their collaborative relationship goes back 20 years, and this agreement deepens and further empowers their partnership, creating a true global leader in the batteries sector – especially in the growing market of lithium batteries for industrial applications and energy storage for renewables.
Joining forces for the two companies means extending production capacity in the U.S. and Europe to meet growing demand with reduced operational costs via collaboration across various activities. Additionally, the increased geographic reach paves the way for increased global sales through growth opportunities in new markets. Sunlight Group first expanded into the U.S. market in 2019 with a facility in Greensboro, North Carolina and recently announced a new facility nearby in Mebane dedicated to the production of lithium batteries. With Triathlon’s Dallas, Texas, assembly facility, U.S. customers will benefit from more efficient distribution networks, wider after-sales service coverage, and a richer portfolio of products and services to meet customer energy needs.
Both companies are leaders in high technology and innovation, focusing on building a complete value chain – from cells all the way to complete batteries and integrated systems – transitioning to a fully circular future of regenerative production processes. The acquisition reflects the focus and dedication of the two companies in research & development, where impressive scale effects should be expected from the 200+ highly educated and experienced R&D specialists, engineers and other scientists employed by Sunlight and Triathlon.
“At Sunlight, we’ve been stating that our goal is to become a global leader in motive power batteries for the intralogistics sector and Energy Storage Systems for renewables, and today’s agreement is a decisive step in that direction,” said Lampros Bisalas, CEO of Sunlight Group. “Today, we partner with a company that shares our drive and values, our passion for innovation and R&D, and our vision for global reach. Sunlight and Triathlon have been long-standing partners in both good times and challenging ones, and this is an historic moment for both of us.”