Deere to Acquire Majority Ownership in Battery Technology Company
Expanding its investment in alternative power, John Deere is set to acquire majority ownership of Kreisel Electric, an Austrian-based developer of immersion-cooled, high-density battery technology.
For Deere, the deal was prompted by growing demand for batteries as a sole- or hybrid-propulsion system for off-highway vehicles. The manufacturer intends to apply the technology to its lineup of turf equipment, compact utility tractors, small tractors, compact construction equipment, and some road building equipment, as it works toward a future with zero emissions propulsion systems.
“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.
In addition to its patented battery technology, Kreisel has also developed a complementary charging infrastructure platform (CHIMERO).
Deere has been testing a battery-electric backhoe since early this year and debuted the 310 X-tier E-Power at The Utility Expo. The unit will head into Phase 2 testing next year, with Deere indicating many of the specs will change before it is available for sale. It is unknown at this time if Kreisel’s technology will appear in this machine.
Kreisel Electric will retain its employees, brand name, and trademark, and continue to operate from its current location in Austria. The company, founded in 2014 by brothers Johann, Markus, and Philipp Kreisel, has approximately 160 full-time employees.
The transaction requires final regulatory approval in Austria and is expected to close in February 2022. Financial details are not being disclosed.
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