Deere & Company has signed a definitive agreement to acquire majority ownership in Kreisel Electric, Inc., a battery-technology provider based in Austria. Kreisel develops high-density, high-durability electric battery modules and packs, as well as a charging infrastructure platform that utilizes its battery technology.
In a press release, Deere notes that the investment in Kreisel will allow the company 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.” Deere says it sees demand growing for batteries as a sole or hybrid-propulsion system for off-highway vehicles; products in its 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.
“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,” says 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,” Guyot continues. “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 160 full-time employees, brand name and trademark, and will 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.