NEWS RELEASE   September 21, 2022

Kreisel Electric to expand battery production capacities to over 2 GWh

  • 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.

Kreisel battery pack at Kreisel headquarters in Rainbach, Austria.

Markus Kreisel, Managing Director, Kreisel Electric said: "We welcome this strategic investment to help us answer the ever-increasing international demand for Kreisel battery technology."

This investment follows the finalization of the acquisition of majority ownership by John Deere earlier this year and emphasizes the commitment of John Deere to expand and strengthen the position of Kreisel as an international battery technology leader. The strategic alignment with Kreisel will also serve as the cornerstone for the electrification of John Deere Brand products. "We are embarking toward a future with zero emissions propulsion and pursuing our sustainability goal to demonstrate viable low- and no-carbon alternative power solutions by 2026," said Preston.

The current global energy market is calling for sustainable and efficient battery solutions. Kreisel, with the dedicated support and extensive expertise of John Deere, answers the call by providing battery technology that offers exceptional lifetime, safety and performance for its customers and stakeholders.

"Now is the time for us to start running and demonstrate leadership in the pursuit of electrification," Kreisel said.

 

About Deere & Company

Deere & Company (www.JohnDeere.com) is a global leader in the delivery of agricultural, construction, and forestry equipment. We help our customers push the boundaries of what’s possible in ways that are more productive and sustainable to help life leap forward. Our technology-enabled products including John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe are just some of the ways we help meet the world's increasing need for food, shelter, and infrastructure. Deere & Company also provides financial services through John Deere Financial.

For more information on Deere & Company, visit us at www.deere.com/en/news/.

For further information, the news media should contact:

Meredith Pierick
+1 515 360 5077
meredithp@2rm.com

Jina Funk
+1 319 292 5988
FunkJaninaM@johndeere.com