MOLINE, Ill. Feb. 8, 2022 — 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. At the time of the acquisition announcement, Deere's senior vice president of John Deere Power Systems said Kreisel's battery technology could be applied across the portfolio of Deere products and Kreisel's experience would benefit Deere as it ramped up its battery-electric vehicle portfolio.
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.