To cater to the growing demand for batteries for off-highway vehicles, Deere & Company has acquired majority ownership of Kreisel Electric, Inc., a battery technology provider based in Austria. Kreisel is known for developing high-density, high-durability electric battery modules and packs. It has also created a charging infrastructure platform known as CHIMERO, which leverages its patented battery technology.
"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 of John Deere Power Systems. "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 currently has a global customer base across various end markets, including off-highway and commercial vehicles. Many of Deere's products, such as turf equipment and compact utility tractors, rely on batteries as a primary power source. By acquiring Kreisel, Deere can continue working toward its goal of developing zero-emission propulsion systems.
"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 continued.
The transaction between the two companies will be finalized once it receives regulatory approval in Austria. More information about John Deere's product offerings can be found at www.JohnDeere.com.