Sandvik Acquires Artisan Vehicle Systems: Electric Mining Win
Sandvik takes Artisan on-board for a journey into an electrified future
California-based Artisan Vehicle Systems, engaged in electric underground mining equipment, was acquired by Swedish Sandvik, which intends to develop and produce electric versions of its mining vehicles.
As a new start-up, Artisan noted in 2017 revenues of $12.3 million, having approximately 60 employees. The purchase price was not disclosed, while the transaction is expected to close during the first quarter of 2019.
Sandvik has offered EVs since 2016 and recently launched new Battery Electrification Innovation and Development Center in Turku, Finland.
It’s clearly seen that the industry is trying to switch to electric vehicles – both on its own and by acquisition. For example, Volvo Construction Equipment announced first EVs in mid-2020.
“Sandvik acquires privately owned Artisan Vehicle Systems, manufacturer of battery powered underground mining equipment, based in Camarillo, California, USA. The core technology is battery packs, electric motors, power electronics, software and control systems. Artisan’s underground mining loaders and trucks are designed with these high-powered, highly reliable and field proven battery electric powertrains. Artisan is the market leader with most battery electric vehicles currently operating in underground mining.”
“Artisan will be a Business Unit in the Load and Haul Division within Sandvik Mining and Rock Technology.”
Lars Engström, President, Sandvik Mining and Rock Technology said:
“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 Center in Turku, Finland, in 2018. It is in line with our ambition to be leading in the market for Battery Electric Vehicle solutions”.
Mats Eriksson, President Load and Haul Division, Sandvik Mining and Rock Technology said:
“The area in which Artisan is located is a frontrunner in electric vehicle development. Our new R&D foothold there will complement the skillset we have in Finland. The combination of know-how and skills creates a very strong platform”.