Deere takes majority stake in Austrian battery tech firm Kreisel Electric
Deere & Company has wrapped up the previously announced acquisition of a majority stake in Kreisel Electric, an Austria-based developer of immersion-cooled battery technology.
The financial terms of the deal were not revealed.
Based in Rainbach im Mühlkreis, Kreisel Electric is engaged in manufacturing electric battery modules and packs that have high density and are highly durable to be used in high-performance and off-highway applications.
The company has developed a battery-buffered, high-powered charging infrastructure platform called CHIMERO.
Deere & Company acquires majority stake in Austrian immersion-cooled battery technology Kreisel Electric. Photo courtesy of Deere & Company.
Established in 2014, Kreisel Electric has a workforce of nearly 180 full-time employees.
Deere & Company said that Kreisel Electric will retain its brand name as well as trademark.
The majority stake in Kreisel Electric is expected to enable Deere & Company to integrate vehicle and powertrain designs optimally around high-density battery packs while making use of the former’s charging technology to build out infrastructure needed for customer adoption.