Kreisel Electric opening $12 million battery research plant in Austria

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Austrian battery development startup Kreisel Electric is planning to open a $12 million research center and battery assembly plant in Reinbach, Austria.

The startup, created by brothers Markus, Philipp and Johann Kreisel, plans to produce longer-range lithium-ion batteries at the new facility, an article posted on Bloomberg saids.

According to Bloomberg, the brothers have gone "toe-to-toe with Tesla Inc.’s Model S in a converted Porsche Panamera." Now they want to help develop the growth of battery technology.

“In the past two years, battery development has really taken off, and it’s now becoming incredibly dynamic,” Markus Kreisel said in the article. “We have a different way of going about developing the technology, and we don’t carry any baggage.”

Kreisel's new plant will develop and produce prototypes for carmakers and will be able to make 8,000 battery packs, the article said.

“Our goal isn’t to get into large-scale production of batteries but to help carmakers with the development of the technology,” Markus Kreisel said in the article.

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