John Deere Acquires Majority Ownership in Kreisel Electric

Rhea-AI Summary

Deere & Company (NYSE: DE) has completed its acquisition of a majority stake in Kreisel Electric Inc., noted for its advanced immersion-cooled battery technology. This strategic move, announced in December 2021, is expected to enhance Deere's capabilities in high-density electric battery modules and charging infrastructure. Kreisel Electric, based in Austria, continues to operate under its brand, employing around 180 people. This acquisition aligns with Deere’s commitment to innovation in agriculture and construction sectors.

Positive

• Acquisition of majority stake in Kreisel Electric enhances battery technology capabilities.
• Strengthens Deere's position in high-performance and off-highway applications.

Negative

• None.

MOLINE, Ill., Feb. 8, 2022 /PRNewswire/ -- Deere & Company (NYSE: DE) 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.

Kreisel Electric (www.Kreiselelectric.com) 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 (www.JohnDeere.com) 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. 

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SOURCE Deere & Company

FAQ

What is the significance of Deere's acquisition of Kreisel Electric?

The acquisition strengthens Deere's capabilities in battery technology, particularly for agricultural and construction machinery.

When was the acquisition of Kreisel Electric announced?

The acquisition was announced in December 2021 and completed on February 8, 2022.

How many employees does Kreisel Electric have?

Kreisel Electric employs approximately 180 full-time employees.

What technology is Kreisel Electric known for?

Kreisel Electric is known for its immersion-cooled battery technology and high-powered charging infrastructure.