John Deere takes over Kriesel

John Deere to Acquire Majority Ownership
in Advanced Battery Company Kreisel Electric

• Provides Deere with the vertical integration necessary to efficiently
design vehicles and powertrains around superior immersion-cooled,
high-density battery technology
• Leverages Kreisel’s battery-buffered charging technology to build out
infrastructure to support global customers
• Aligns with Deere’s electrification and sustainability goals

MOLINE, Illinois (December 14, 2021) — Deere & Company (NYSE: DE) has
signed a definitive agreement to acquire majority ownership in Kreisel Electric,
Inc. (“Kreisel”), a battery technology provider based in Rainbach im Mühlkreis,
Austria. Kreisel develops high-density, high-durability electric battery modules
and packs. Additionally, Kreisel has developed a charging infrastructure
platform (CHIMERO) that utilizes this patented battery technology.
Since 2014, Kreisel has been a leading innovator focused on the development
of immersion-cooled electric battery modules and packs for high-performance
and off-highway applications. The company has a differentiated battery
technology and battery-buffered charging infrastructure offering and currently
serves a global customer base across multiple end markets, including
commercial vehicles, off-highway vehicles, marine, e-motorsports, and
other high-performance applications.
John Deere sees demand growing for batteries as a sole- or hybrid-propulsion
system for vehicles. Products in Deere’s portfolio such as turf equipment,
compact utility tractors, small tractors, compact construction, and road building equipment could rely solely on batteries as a primary power source.
Deere intends to continue to invest in and develop technologies to innovate,
deliver value to customers, and work towards a future with zero emissions
propulsion systems.
The majority investment in Kreisel Electric will allow Deere to vertically integrate vehicle and powertrain designs around high-density battery packs while
leveraging Kreisel’s charging technology to build out infrastructure required
for customer adoption.

“Kreisel’s battery technology can be applied across the broad portfolio of Deere
products, and Kreisel’s in-market experience will benefit Deere as it ramps up
its battery-electric vehicle portfolio. Deere will provide the expertise, global
footprint, and funding to enable Kreisel to continue its fast growth in core
markets,” said Pierre Guyot, Senior Vice President, John Deere Power
Systems. “This is an opportunity to invest in a company with unique technology that’s designed for the demanding conditions where Deere customers
work.”
“Furthermore, building an electrified portfolio is key to John Deere’s
sustainability goal of pursuing new technologies that reduce the environmental impact of new products and work toward zero emissions propulsion
systems on equipment, while increasing our customers’ efficiency and
productivity,” Guyot said.
Kreisel Electric will retain its employees, brand name, and trademark, and
continue to operate from its current location in Austria to serve its growing
customer base. The company was founded by the brothers Johann, Markus and
Philipp Kreisel and has approximately 160 full-time employees.

“The Kreisel team looks forward to expanding our 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,” said Markus Kreisel, who serves as Managing
Director, along with his two brothers, at Kreisel Electric.
The transaction requires final regulatory approval in Austria, with closing
expected to take place in approximately 60 days.