Deere & Company has signed a definitive agreement to acquire majority ownership in Kreisel Electric, a battery technology provider based in Rainbach im Mühlkreis, Austria.
The deal gives the tractor maker high-density, high-durability electric battery modules and packs and liquid cooling as well as a charging infrastructure platform called Chimero based around the patented battery technology.
Kreisel has focused on the development of immersion-cooled electric battery modules and packs for high-performance and off-highway applications since 2014 with a differentiated battery technology and battery-buffered charging infrastructure. It supplies commercial vehicles, off-highway vehicles, marine, e-motorsports, and other high-performance applications.
The majority investment in Kreisel Electric will allow Deere to integrate vehicle and powertrain designs around high-density battery packs while using Kreisel’s charging technology to build out infrastructure required for customer adoption.
Kreisel Electric will retain its 160 employees, brand name, and trademark, and continue to operate from its current location in Austria.
“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,” 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.”
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