Deere completes acquisition of majority stake in Kreisel Electric
Deere & Company has acquired majority ownership in Kreisel Electric Inc., a leading pioneer in the development of immersion-cooled battery technology. The Austrian company manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform (CHIMERO).
This transaction was announced in December 2021 and is now complete, following regulatory approval. In a joint statement in December, Johann, Markus, and Philipp Kreisel, the Kreisel brothers who founded the company, said the Kreisel team looks forward to expanding its base business, leveraging the Deere channel to accelerate adoption of battery-electric vehicles and charging stations, and working with Deere’s vehicle design teams on product advancements.
This investment will provide Deere & Company with optimal integration to efficiently design vehicles and powertrains around superior immersion-cooled, high-density battery technology. Deere will leverage Kreisel’s battery-buffered charging technology to build out infrastructure to support global customers.
Deere & Company 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 intends to continue to invest in and develop technologies to innovate, deliver value to customers, and work towards a future with zero emissions propulsion systems.
Kreisel Electric has been a leading 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.
Kreisel Electric is based in Rainbach im Mühlkreis, Austria. The company was founded in 2014 and has approximately 180 full-time employees. The business will retain its brand name and trademark.
About Deere & Company
Deere & Company is a world leader in providing advanced products, technology, and services for customers whose work is revolutionizing agriculture and construction — those who cultivate, harvest, transform, enrich, and build upon the land to meet the world’s increasing need for food, fuel, shelter, and infrastructure.
