Sandvik purchases Artisan strives to be leader in battery electric mining vehicles
Sandvik has acquired Artisan Vehicle Systems, the manufacturer of battery powered underground mining equipment and the market leader with most battery electric vehicles currently operating in underground mining. Artisan's core technology is based on battery packs, electric motors, power electronics, software and control systems.
Artisan’s underground mining loaders and trucks are designed with high-powered, highly reliable and field proven battery electric powertrains.
Artisan announced last year that it would open a Canadian head office, in Kirkland Lake, Ontario close to Kirkland Lake Gold, and the first company to purchase Artisan's battery powered vehicle for use in underground mining in Canada.
Artisan management was in Kirkland Lake last September to unveil the Z-40, 40-ton electric underground haul trucks that are in use at Kirkland Lake Gold's Macassa Mine.
Sandvik's acquisition of Artisan comes after the opening of Sandvik’s state-of-the-art Battery Electrification Innovation and Development Center in Turku, Finland, in 2018. Sandvik wants to be the leader in the battery electric vehicles for use in the mining market according to Lars Engström, President, Sandvik Mining and Rock Technology.
Artisan will become a unit in the Load and Haul Division within Sandvik Mining and Rock Technology.
Artisan is a start-up company which in 2017 had revenues of 12.3 million USD and approximately 60 employees. Based in Camarillo, California, US, Artisan is a manufacturer of battery-powered underground mining equipment. It has three commercially-available machines: a 4-t capacity LHD (A4, pictured), 10-t capacity LHD (A10) and a 40-t capacity haul truck (Z40).
The parties have agreed not to disclose the purchase price. The transaction is expected to close during the first quarter 2019. The deal is initially neutral to earnings per share.