John Deere to hold majority ownership in Kreisel Electric
John Deere is ready to acquire majority ownership of Kreisel Electric, an Austrian-based developer of immersion-cooled, high-density battery technology.
For Deere, the deal was driven by rising demand for batteries as a sole- or hybrid-propulsion system for off-highway vehicles. The producer plans to use the technology in its lineup of compact utility tractors, compact construction equipment, turf equipment, small tractors, and some road-building equipment since it works toward a future with zero emissions propulsion systems.
Kreisel’s battery technology can be utilised across the comprehensive portfolio of Deere products, and Kreisel’s in-market experience will aid Deere as they grow their battery-electric vehicle portfolio.
Deere will render the global footprint, expertise, and funding to permit Kreisel to continue its fast development in core markets, said Pierre Guyot, senior vice president, John Deere Power Systems. It is an opportunity to fund a firm with exceptional technology that’s designed for the demanding conditions where Deere customers work.
In addition to its patented battery technology, Kreisel has designed 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 not known at this time if Kreisel's technology will emerge in this machine.
Kreisel Electric will keep its employees, brand name, and trademark and continue to work from its present location in Austria. The firm, established in 2014 by brothers Johann, Markus, and Philipp Kreisel, has approximately 160 full-time employees.
The deal needs final regulatory approval in Austria and is likely to close in February next year. Financial details are not being revealed.
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