Amazon agrees to invest in robotics firm

Amazon has obtained the right to buy up to 29% of shares in Balyo, depending on the level of potential future orders made in forklifts powered by the technology by Amazon.

Balyo’s board and its forklift partners – Hyster-Yale Group and Linde Material Handling – approved Amazon’s proposal.

Amazon has the right to appoint an observer at Balyo’s board of directors. Balyo’s 2018 revenue is expected to be around EUR 23.3 million, growing more that 40% from 2017.

Fabien Bardinet, chairman and CEO of Balyo, says: “We are very proud to have signed this agreement. It represents an unprecedented opportunity for Balyo to grow its business and supports the soundness of our investments over the years to perfect our robotic solutions.” 

Warehouse automation is a key element in efforts by Amazon to cut costs and speed up deliveries. It currently uses robots developed by Kiva Systems, a company it bought for $775 million in 2012.