John Deere to acquire battery technology producer
Equipment company set to take majority ownership of Kreisel Electric.
Deere & Company has signed a definitive agreement to acquire majority ownership in Kreisel Electric, Inc., an Austrian battery technology provider. Kreisel develops high-density, high-durability electric battery modules and packs, and has developed a charging infrastructure platform (CHIMERO) that uses its patented battery technology.
Since 2014, Kreisel has been focused on the development of immersion-cooled electric battery modules and packs for high-performance and off-highway applications. The company currently serves a global customer base across multiple end markets, including commercial vehicles, off-highway vehicles, marine, e-motorsports and other high-performance applications.
According to a release from the company, John Deere sees demand growing for batteries as a sole- or hybrid-propulsion system for off-highway vehicles, adding that products in its portfolio, including compact utility tractors, compact construction and some road building equipment, could rely solely on batteries as a primary power source.
The 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,” said Pierre Guyot, senior vice-president, John Deere Power Systems. “Deere will provide the expertise, global footprint, and funding to enable Kreisel to continue its fast growth in core markets.”
Kreisel Electric will retain its employees, brand name, and trademark, and continue to operate from its current location in Austria. The company, founded by brothers Johann, Markus and Philipp Kreisel, has approximately 160 full-time employees.
The transaction is expected to close over the next two months.