Artisan Vehicle Systems has been acquired by Sandvik

California-based Artisan Vehicle Systems, engaged in electric underground mining equipment, has been acquired by Swedish Sandvik, which intends to develop and produce electric versions of its mining vehicles. Financial details have not been disclosed.

Artisan Vehicle Systems is a manufacturer of battery powered underground mining equipment. The company's 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.

Sandvik is a high-technology engineering group specializing in tools and tooling systems for metal cutting, equipment, tools and services for the mining and construction industries, products in advanced stainless steel and special alloys as well as products for industrial heating.

Oaklins' team in Los Angeles advised the seller in this transaction.