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John Deere to Acquire Majority Ownership in Battery Technology Firm Kreisel Electric.

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Vincent

MANews-(C)2009-2021

US-based equipment maker Deere and Company (NYSE: DE) has signed a definitive agreement to acquire majority ownership in Austrian battery technology provider Kreisel Electric, Inc, the company said.

Kreisel is 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 (CHIMERO) that utilizes this patented battery technology.

Since 2014, Kreisel has been an innovator focused on the development of immersion-cooled electric battery modules and packs for high-performance and off-highway applications.

The company has a differentiated battery technology and battery-buffered charging infrastructure offering and currently serves a global customer base across multiple end markets, including commercial vehicles, off-highway vehicles, marine, e-motorsports, and other high-performance applications.

John Deere sees demand growing for batteries as a sole- or hybrid-propulsion system for off-highway vehicles.

Products in Deere's portfolio such as turf equipment, compact utility tractors, small tractors, compact construction, and some road building equipment could rely solely on batteries as a primary power source.

Deere said it plans to continue to invest in and develop technologies to innovate, deliver value to customers, and work towards a future with zero...

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