Breaking News
More () »

Deere acquires majority ownership in Kreisel Electric

The investment will allow Deere to design electric vehicles and powertrains with the aid of Austria-based Kreisel Electric's battery technology.

MOLINE, Ill. — Deere & Company officially acquired Austrian-based battery company Kreisel Electric, pending final regulatory approval, according to a Feb. 8 news release from Deere to PR Newswire.

Deere announced it had signed an agreement to acquire majority ownership in the battery technology provider back on Dec. 14. 

Philipp, Johann and Markus Kreisel founded the 160-employee company in 2014 that developed immersion-cooled, high-density battery technology. According to its website, Kreisel is a leading battery innovator that offers technology licensing contracts, standardized and tailor-made battery packs and unique charging products.

Kreisel's battery products, according to Deere, have been used to power commercial vehicles, off-highway vehicles, e-motorsports and other high-performance applications globally.

Deere in the acquisition announcement said the investment in Kreisel would help accelerate product advancements and the adoption of battery-electric vehicles and charging stations.

RELATED: In hopes of becoming industry hub, Illinois incentivizes electric car production

"Kreisel's battery technology can be applied across the broad portfolio of Deere products," Senior Vice President of John Deere Power Systems Pierre Guyot said in the announcement, "and Kreisel's in-market experience will benefit Deere as we ramp up our battery-electric vehicle portfolio."

Deere said the acquisition also strongly aligned with the company's goals for electrification and sustainability.

"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 said.

► Download the WQAD News 8 App
► Subscribe to our daily newsletter
► Subscribe to our YouTube channel

Paid Advertisement

Before You Leave, Check This Out