Deere acquires majority interest in Austrian battery manufacturer
BUSINESS RECORD STAFF Dec 16, 2021 | 4:20 pm
1 min read time153 wordsAll Latest News, Manufacturing & Logistics
Deere & Co. announced it has signed a definitive agreement to acquire majority ownership in Kreisel Electric Inc., a battery technology provider based in Rainbach im Mühlkreis, Austria. Kreisel develops high-density, high-durability electric battery modules and packs. Additionally, Kreisel has developed a charging infrastructure platform that uses this patented battery technology. “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. Deere said it sees demand growing for batteries as a sole- or hybrid-propulsion system for off-highway vehicles. Kreisel Electric will retain its employees, brand name and trademark, and continue to operate from its current location in Austria to serve its growing customer base.