Greek energy company Sunlight Group Energy Storage Systems has completed its takeover of Germany-based forklift battery-maker Triathlon Holding GmbH five months after it acquired a 51% stake.

Sunlight Group, a subsidiary of investment company Olympia Group, says the takeover is part of its strategy to become an “industry champion” in industrial mobility batteries and energy storage for renewables.

The combined group’s global production facilities will report to a single management team.

The takeover advances Sunlight Group’s plan to expand its presence in Europe and the United States and to set up a 20 GWh facility in Europe to produce lithium-ion battery cells exclusively for the industrial mobility and energy storage systems sectors.  

Triathlon founder and managing director Martin Hartmann will join Sunlight Group’s board of directors as well as acting as Sunlight’s chief commercial officer for industrial mobility, reporting to Sunlight chief executive Lampros Bisalas.

Bisalas says: “I’m thrilled that a collaboration going back 20-plus years is concluded in the best possible way.

“Martin’s wealth of experience in our sector, and indeed in markets very important for us, is priceless.”

Meanwhile, Hartmann says: “I can’t wait to meet all the members of the team and offer my best from my new position to support our customers and employees.”