• John Deere is making an immediate investment in the production capacity expansion of Kreisel Electric ("Kreisel")
  • In early 2022, John Deere acquired a majority ownership stake in Kreisel - a company that produces innovative battery technology for e-mobility and stationary systems. The funds from the investment will primarily be deployed within the mobile commercial and industrial solutions as well as the charging infrastructure division of Kreisel.
  • The strategic alignment with Kreisel will also serve as the cornerstone for the electrification of John Deere Brand products

WATERLOO, Iowa (Sept. 21, 2022) - Deere & Company (NYSE: DE) announced its next steps in meeting the growing demand for batteries as a sole- or hybrid-propulsion system. In addition to the production facility in Austria, John Deere is making an immediate investment in two additional locations to increase the production capacity expansion of Kreisel Electric ("Kreisel") - the battery technology pioneer in which John Deere recently acquired majority ownership. The significant capital commitment will bring an increase of over 2 GWh to Kreisel battery production capacity, beginning with the opening of a new facility at the John Deere Saran factory - the primary manufacturing location for John Deere engines in the European Union. In parallel with this project, John Deere will also invest in battery assembly in the United States to support the growth of its customers and John Deere products. John Deere is committed to delivering solutions to its customers that revolutionize their work while unlocking value that is sustainable. By investing in battery assembly, John Deere shows this commitment.

"This investment will put a strong focus on the industrialization and automation of the entire production process, as well as research and development capacities at Kreisel HQ in Rainbach," said Jennifer Preston, Global Director, John Deere Electric Power.

By leveraging the established expertise at the Saran facility, Kreisel will have access to world-class supply chain management, manufacturing engineering, quality assurance, logistics coordination and cutting-edge automation solutions. The funds from the investment will primarily be deployed within the mobile commercial and industrial solutions as well as the charging infrastructure division of Kreisel.

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Deere & Company published this content on 21 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2022 15:59:05 UTC.