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AGCO'S BUSINESS UNIT POWER OPENS CLEAN ENERGY LABORATORY TO DEVELOP SUSTAINABLE BATTERIES
Source: AGCO news release

Nokia, Finland - AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, and its subsidiary AGCO Power, today announced the opening of the company's first clean energy laboratory. The lab is part of a 70-million-euro investment (approximately $77 million) in the Linnavuori plant in Nokia, and will support development and testing of innovative, sustainable battery and powertrain solutions for farm machinery.

The Linnavuori team of scientists and engineers are developing next-generation engines powered by low- or zero-carbon electricity and alternative fuels, such as hydrogen and methanol, that will help minimize global agricultural emissions.

While the number of hybrid and electric vehicles on world roadways has grown exponentially in the 21st century, adoption of alternative power for off-road/farm machinery has lagged. The capacity of existing battery technologies restricts the size of fully electric farm machinery, but the AGCO Power lab is working to change that paradigm.

"We are investing heavily in the research and development of multiple lower carbon technologies, such as the electrification of off-road machines and hybrids," said Kelvin Bennett, AGCO's Senior Vice President of Engineering. "It is exciting to know those investments will start showing tangible results this summer when AGCO's first fully electric tractor, the Fendt e100 V Vario, enters production in 2024. "

In addition to the off-road machine emissions, AGCO is aggressively pursuing reductions in emissions in its own operations. Specifically, it has set objectives to reduce its Scope 1 and Scope 2 emissions 55% by 2033 and 90% by 2050.

Development of next-generation zero- and low-emission machines is a focus of the company's sustainability ambition as it seeks to reduce its Scope 3 emissions. Key initiatives include decarbonizing its product portfolio, engaging suppliers to decrease their emissions, supporting farmers' transition to sustainable solutions, and working with industry associations on renewable and low-carbon fuels in agricultural machinery.

In addition to the clean energy laboratory, the Linnavuori plant features new production facilities for both cylinder heads and continuously variable transmission components, expansions to the paint shop and testing facilities for remanufactured engines, and a training and visitor center. In total, the new buildings cover an expanse of 11,000 square meters (approximately 118,400 square feet), with some phases of the project opening this year and others set to be operational in 2025.

About AGCO

AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's full line of equipment, smart farming solutions and services helps 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, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR.

About AGCO Power

AGCO Power is one of the world's leading developers and manufacturers 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 facilities in Finland, China, Brazil and Argentina. AGCO Power has been in operation for more than 80 years and is a subsidiary of AGCO Corporation.


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