John Deere acquires electric speedboat battery company

One of the world’s largest equipment manufacturers has purchased a majority stake in Kreisel Electric, the company building the electric speedboat battery for the Racebirds in the upcoming E1 Series powerboat championship.

John 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’. 

Kreisel Electric was founded in 2014 by three brothers – Philipp, Johann and Markus Kreisel – from the village of Freistadt, Austria, who have electrified everything from a go-kart to Arnold Schwarzenegger’s Mercedes G-Class and then his Hummer.

On the water, Kreisel’s work is at the heart of some of the world’s most impressive e-boats, including the Carbon SAY 29, which currently holds the world record for fastest production electric boat.

According to a report by Plugboats.com, in addition to the batteries, John Deere was attracted by Kriesel’s CHIMERO high-speed charging infrastructure platform, which can charge an electric vehicle from zero to 80 per cent in 20 minutes and is built for easy installation.

“Deere will provide the expertise, global footprint, and funding to help accelerate that growth in core markets,” says Pierre Guyot, senior vice president, John Deere Power Systems. “For us, their in-market experience will benefit Deere as we ramp up our battery-electric vehicle portfolio and apply it across a broad portfolio of products.”

“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,” says Markus Kreisel, who serves as managing director, along with his two brothers, at Kreisel Electric.

The partnership shares similarities to the arrangement forged when General Motors acquired a $150M stake in electric outboard company Pure Watercraft. Each company brings strengths to the partnership.

The Kreisel battery technology has two patented features that make its products world leaders in energy density and durability. One is a system that uses a contact spring and lasers, instead of welding, to connect the individual cells in a battery module. The result is high conductivity as well as a fuse for each cell. The other patented feature is its Hollowblock cooling system, which surrounds the cells with a non-conductive liquid that dissipates heat very efficiently.

In its work with electric vehicles, Kreisel worked with Arnold Schwarzenegger to electrify his vehicles.

“Kreisel Electric electrified my G-class last winter. And now a Hummer. If Kreisel keeps it up at this pace, I will soon be able to fly here from LA in an electric airplane,” says Schwarzenegger.

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.