Deere & Company has signed a definitive agreement to acquire majority ownership in Kreisel Electric, Inc. The Austrian company develops patented electric battery modules and packs, and a charging infrastructure platform that utilises this technology.
John Deere sees demand growing for batteries as a sole or hybrid-propulsion system for products such as compact utility tractors, small tractors and compact construction equipment. The majority investment in Kreisel Electric will allow Deere to vertically integrate vehicle and powertrain designs around high-density battery packs while leveraging the Austrian company’s charging technology to build out the necessary infrastructure.
“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,” comments Pierre Guyot, senior vice president, John Deere Power Systems.
Founded in 2014 by brothers Johann, Markus and Philipp Kreisel, the Austrian firm will retain its roughly 160 full-time employees, brand name, and trademark, and continue to operate from its current location at Rainbach im Mühlkreis.
“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,” says joint managing director Markus Kreisel.
The transaction requires final regulatory approval in Austria, with closing expected to take place in approximately 60 days.
