The purchase of Austrian company Kreisel marks Deere's move towards electric powerered vehicles
The purchase of Austrian company Kreisel marks Deere’s move towards electric powerered vehicles.

Deere & Company has signed a definitive agreement to acquire majority ownership of Kreisel Electric, a battery technology provider based at Rainbach im Mühlkreis, Austria. Kreisel develops high-density, high-durability electric battery modules and packs, and has also developed a charging infrastructure platform that utilises this patented battery technology.

Since 2014, Kreisel has been a leading innovator focused on the development of immersion-cooled electric battery modules and packs for high-performance and off-highway applications. The company has a differentiated battery technology and battery-buffered charging infrastructure offering and currently serves a global customer base across multiple end markets, including commercial vehicles, off-highway vehicles, marine, e-motorsports, and other high-performance applications.

John Deere sees demand growing for batteries as a sole or hybrid-propulsion system for vehicles. Products in Deere’s portfolio such as turf equipment, compact utility tractors, small tractors, compact construction, and road-building equipment could rely solely on batteries as a primary power source. Deere intends to continue to invest in and develop technologies to innovate, deliver value to customers, and work towards a future with zero emissions propulsion systems.

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’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,” senior vice president at John Deere Power Systems, 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.

“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 – founded by brothers Johann, Markus and Philipp Kreiselwill – 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 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,” Markus Kreisel said.

The transaction requires final regulatory approval from the Austrian authorities.

www.johndeere.com | www.kreiselelectric.com