Founded in 2016 by members of Nokia-Microsoft's battery research and development team, Akkurate is based in Kaarina, close to Sandvik's Turku facility.

Akkurate will slot into Sandvik's load and haul division within the mining and rock solutions business.

Sandvik load and haul president Mats Eriksson said the acquisition of Akkurate accelerated Sandvik's expansion into battery-electric vehicles by enhancing the current offering.

"Whether it is about battery auto-swap technology, increasing voltage, extended battery life or equipment capability and reliability, Sandvik aims to lead the industry into the electrification era," he said.

"We look forward to welcoming Akkurate to the group."

Sandvik president and CEO Stefan Widing said he was pleased with the company's shift to growth strategy.

"Strengthening our position within electrification is one of [our] key priorities," he said.

"Sandvik's electric equipment improves productivity and efficiency and contributes to a cleaner working environment, reducing emissions, noise and heat."