John Deere Buys Austrian EV Tech Company
The Moline, IL-based company has completed its acquisition of Kreisel Electric based in Rainbach im Mühlkreis, Austria.
Currently, Kreisel Electric has 180 employees and will continue to use its brand name and trademark.
Previous version December 14th, 2021
As demand grows for equipment powered by electricity, Deere and Company plans to buy an Austrian company that specializes in battery technology.
Today, the company announced it will acquire Kreisel Electric based in Rainbach im Mühlkreis, Austria. The deal requires regulatory approval in Austria and is expected to close within 60 days.
Deere says Kreisel develops and produces electric battery modules and packs, plus charging infrastructure (charging stations). And the acquisition will allow Deere to design electric vehicles and powertrains, mainly for "high-performance and off-highway applications."
Deere products that may eventually be powered by Kreisel battery technology alone include lawn mowers, compact utility tractors, and small tractors, plus some construction and road-building equipment.
Kreisel Electric was founded in 2014 by three brothers, and it employs 160 people. It will keep its own brand name and trademark.
Deere also says it will "leverage Kreisel’s battery-buffered charging technology to build out infrastructure to support global customers."
The founders — Johann, Markus, and Philipp Kreisel — say, "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."
Find an example of a Kreisel Electric product in the video below.