• Exclusive Content
  • Events
  • Endeavor Business Media Energy
    1. e-Mobility

    U.S. Tractor, Heavy Farm Equipment maker John Deere acquiring Austrian Battery Electric technology firm

    Dec. 17, 2021
    The investment will enable the firm to integrate high-density battery packs from Kreisel Electric into its vehicle and powertrain designs as it works towards the development of zero-emissions propulsion systems.
    Photo credit Deere Co.
    John Deere Tractor 61bc97ec5d5f9

    Agriculture machinery and heavy equipment firm Deere & Company, also known globally as John Deere, is stepping u its stake in future battery electric technology by signing a definitive agreement to acquire majority ownership of Austria-based battery technology firm Kreisel Electric.

    The investment will enable the firm to integrate high-density battery packs from Kreisel Electric into its vehicle and powertrain designs as it works towards the development of zero-emissions propulsion systems.

    Kreisel Electric develops high-density, durable electric battery modules and packs and a battery-buffered charging infrastructure offering, CHIMERO. It serves customers worldwide, across multiple end markets, including commercial vehicles, off-highway vehicles, marine, e-motorsports, and other high-performance applications.

    John Deere anticipates demand growth for batteries and John Deere Power Systems’ Senior Vice President Pierre Guyot said, “This is an opportunity to invest in a company with unique technology that's designed for the demanding conditions where Deere customers work.”

    He explained, “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. This is an opportunity to invest in a company with unique technology that's designed for the demanding conditions where Deere customers work.”

    Kreisel Electric will continue to operate from its base in Austria. It will retain its brand name, trademark and all its employees. The transaction will require regulatory approval in Austria and is expected to close in about 60 days.

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.