Deere & Co acquire majority ownership of Kreisel Electric

John Deere has acquired a majority interest in Kreisel Electric, an Austrian company that specialises in renewable battery energy. Kreisel develops high-density, high-durability electric battery modules and packs. The company has also developed a charging infrastructure platform (CHIMERO) that uses their own patented battery technology. John Deere Power Systems senior vice president Pierre Guyot said Deere intended to help customers reduce their impact on the environment whilst keeping equipment as efficient and productive as possible. “John Deere is committed to a future with zero emissions propulsion systems and is investing in and developing technologies for batteries as a sole or hybrid-propulsion system for vehicles,” Guyot said. “Kreisel specialises in battery-electric vehicles, or BEVs, which use chemical energy stored in rechargeable battery packs, with no secondary source of propulsion.” Guyot said the demand for battery-powered propulsion continues to rise. “Electrification is a key enabler for automation and autonomy and helps us generate more customer insights to reduce operating costs,” he said. “We also know that over the next 3 to 5 years, battery prices are expected to decline, and greater availability of battery-charging stations will make it increasingly convenient to have battery-electric vehicles. “We believe that as battery-electric vehicle costs come down, our customers will increasingly want battery-powered machines.” Guyot said charging stations will also be key to customer adoption of electrification. “We recognize that our customers need both stationary and mobile fast-charging solutions,” he said.