Agriculture machinery and heavy equipment firm Deere & Company, also known globally as John Deere, is stepping u its stake in future battery electric technology by signing a definitive agreement to acquire majority ownership of Austria-based battery technology firm Kreisel Electric.
The investment will enable the firm to integrate high-density battery packs from Kreisel Electric into its vehicle and powertrain designs as it works towards the development of zero-emissions propulsion systems.
Kreisel Electric develops high-density, durable electric battery modules and packs and a battery-buffered charging infrastructure offering, CHIMERO. It serves customers worldwide, across multiple end markets, including commercial vehicles, off-highway vehicles, marine, e-motorsports, and other high-performance applications.
John Deere anticipates demand growth for batteries and John Deere Power Systems’ Senior Vice President Pierre Guyot said, “This is an opportunity to invest in a company with unique technology that's designed for the demanding conditions where Deere customers work.”
He explained, “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. This is an opportunity to invest in a company with unique technology that's designed for the demanding conditions where Deere customers work.”
Kreisel Electric will continue to operate from its base in Austria. It will retain its brand name, trademark and all its employees. The transaction will require regulatory approval in Austria and is expected to close in about 60 days.
