Deere & Company has signed an agreement to acquire majority ownership in Kreisel Electric, a battery technology provider based in Austria. Kreisel develops high-density, high-durability electric battery modules and packs. Additionally, Kreisel has developed a charging infrastructure platform (CHIMERO) that utilizes this patented battery technology.
Kreisel is focused on the development of immersion-cooled electric battery modules and packs for high-performance and off-highway applications.
John Deere sees demand growing for batteries as a sole- or hybrid-propulsion system for off-highway vehicles. Products in Deere’s portfolio such as turf equipment, compact utility tractors, small tractors, compact construction, and some road building equipment could rely solely on batteries as a primary power source. Deere intends to continue to invest in and develop technologies to innovate, deliver value to customers, and work towards a future with zero emissions propulsion systems.
The majority investment in Kreisel Electric will allow Deere to integrate vehicle and powertrain designs around high-density battery packs while leveraging Kreisel’s charging technology to build out infrastructure required for customer adoption.
“Kreisel’s battery technology can be applied across the broad portfolio of Deere products, and Kreisel’s in-market experience will benefit Deere as we ramp up our battery-electric vehicle portfolio. Deere will provide the expertise, global footprint, and funding to enable Kreisel to continue its fast growth in core markets,” said Pierre Guyot, senior vice president, John Deere Power Systems. “This is an opportunity to invest in a company with unique technology that’s designed for the demanding conditions where Deere customers work.
“Furthermore, building an electrified portfolio is key to John Deere’s sustainability goal of pursuing new technologies that reduce the environmental impact of new products and work toward zero emissions propulsion systems on equipment, while increasing our customers’ efficiency and productivity.”
Kreisel Electric will retain its employees, brand name, and trademark, and continue to operate from its current location in Austria.
The transaction requires final regulatory approval in Austria, with closing expected to take place in approximately 60 days.
