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John Deere to acquire majority ownership in Kreisel Electric

DCN-JOC News Services
John Deere to acquire majority ownership in Kreisel Electric

MOLINE, ILL.—Illinois-based Deere & Company has signed an agreement to acquire majority ownership in Kreisel Electric, a battery technology provider based in Rainbach im Muhlkreis, Austria.

Kreisel develops high-density, high-durability electric battery modules and packs, stated a recent release. The firm has also produces a charging infrastructure platform known as CHIMERO that utilizes the battery technology.

The statement said such John Deere products as turf equipment, compact utility tractors, small tractors, compact construction equipment and some roadbuilding equipment could rely solely on batteries as a primary power source.

“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 of John Deere Power Systems, in a statement. “This is an opportunity to invest in a company with unique technology that’s designed for the demanding conditions where Deere customers work.”

Kreisel will retain its employees, brand name and trademark, and continue to operate from its current location in Austria. The company has approximately 160 full-time employees. 

 

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