CNH Industrial has entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch Tractor, the U.S company focused on fully-electric autonomous tractors.
CNH Industrial already owns a minority stake in Silicon Valley-based Monarch Tractor. According to CNHi, electrification and machine automation are key elements of its strategy to become an even stronger technology leader in agriculture. “We are confident that the new pathways provided by Monarch will rapidly strengthen our competitive position in sustainable precision farming,” Chief Executive Scott Wine said.
The partnership is to enable CNH Industrial to enhance its internal electrification capabilities and develop and implement new electrified platforms faster. In turn, Monarch Tractor will be able to harness benefits of CNH Industrial’s sector expertise in product, brand, distribution, and supply chain strength.
The license agreement foresees the launch of a scalable, modular electrification platform focusing on low horsepower tractors. These will be developed across multiple product families in the coming years. CNH Industrial says it will continuously gathers farmers’ input to ensure differentiated solutions aligned to customer needs will be developed.
Earlier this year CNH Industrial, operating under the New Holland, Case IH and Steyr brands, struck a $2.1 billion deal to buy Raven Industries to bolster its precision agriculture and autonomy operations.