AGCO Power opens clean energy lab in Finland

Leading global manufacturer of engines for agricultural and other machinery, innovating to achieve low and zero emission solutions for agriculture

NOKIA, Finland, July 9, 2024–(BUSINESS WIRE)–AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision farming technologies, and its subsidiary AGCO Power, today announced the opening of the Company’s first clean energy laboratory. The laboratory is part of a €70 million (approximately $77 million) investment in Nokia’s Linnavuori facility and will support the development and testing of innovative, sustainable battery and drive solutions for agricultural machinery.

A team of scientists and engineers at Linnavuori are developing next-generation engines powered by electricity with low or zero carbon dioxide emissions and alternative fuels such as hydrogen and methanol that will help minimise global emissions from agriculture.

While the number of hybrid and electric vehicles on roads around the world has increased exponentially in the 21st century,^saint The adoption of alternative power for off-highway/farm equipment has lagged in the 1990s. The capacity of existing battery technologies limits the size of all-electric farm equipment, but AGCO Power Labs is working to change that paradigm.

“We are investing heavily in research and development of a range of low-carbon technologies, such as the electrification of off-road and hybrid machines,” said Kelvin Bennett, Senior Vice President of Engineering at AGCO. “It’s exciting that these investments will start to show tangible results this summer when the first fully electric tractor, the Fendt e100 V Vario, goes into production in 2024.”

In addition to off-highway emissions, AGCO is aggressively pursuing emissions reductions from its own operations. Specifically, it has set Scope 1 and Scope 2 emissions reduction targets of 55% by 2033 and 90% by 2050.

Developing next-generation zero and low emission machines is a key focus of the company’s sustainability ambitions as it seeks to reduce its Scope 3 emissions. Key initiatives include decarbonising its product portfolio, engaging suppliers to reduce emissions, supporting farmers’ transition to sustainable solutions and working with industry associations on renewable and low-emission fuels in farm machinery.

In addition to the clean energy lab, the Linnavuori plant includes new production facilities for both cylinder heads and continuously variable transmission components, an expansion of the paint shop and test facilities for remanufactured engines, and a training and visitor center. The new buildings cover a total area of ​​11,000 square meters (approximately 118,400 square feet), with some phases of the project opening this year and others scheduled for 2025.

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About AGCO

AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision farming technologies. AGCO delivers value to farmers and OEM customers through a diverse portfolio of brands, including core brands such as Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO’s full line of equipment, intelligent farming solutions and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.agcocorp.com. For company news, information and events, follow us on X: @AGCOCorp. For financial news on X, follow #AGCOIR.

About AGCO Power

AGCO Power is one of the world’s leading manufacturers and developers of off-road engines. It builds engines for many of the world’s most famous tractor brands, such as Fendt, Valtra and Massey Ferguson, at plants in Finland, China, Brazil and Argentina. AGCO Power has been operating for over 80 years and is a subsidiary of AGCO Corporation.

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Communication

AGCO Power Inc.
Communication manager
Pylsa’s Vilya
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