John Deere (Deere & Company) has signed an agreement to acquire a majority stake in Kreisel Electric, Inc., an advanced battery technology provider based in Austria. For seven years Kreisel has been developing immersion-cooled electric battery modules and packs for high-performance and off-highway applications. Additionally, the battery experts have developed a fast charging infrastructure platform (CHIMERO) that utilises their patented battery technology.
As part of its electrification strategy John Deere sees demand growing for batteries as a sole or hybrid-propulsion system for vehicles. In future, products in Deere’s portfolio such as compact utility tractors, small tractors, compact construction, and 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 it ramps up its 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,” Guyot said.
The majority investment in Kreisel Electric will allow Deere to vertically 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 Electric will retain its employees, brand name, and trademark, and continue to operate from its current location in Austria to serve its growing customer base. The company was founded by the brothers Johann, Markus and Philipp Kreisel and has approximately 160 full-time employees.
“The Kreisel team looks forward to expanding our base business, leveraging the Deere channel to accelerate adoption of battery-electric vehicles and charging stations, and working with Deere’s vehicle design teams on product advancements,” said Markus Kreisel, who serves as Managing Director, along with his two brothers, at Kreisel Electric.
The transaction requires final regulatory approval in Austria, with closing expected to take place in approximately 60 days. Financial details are not being disclosed.
