LIVERMORE, Calif., U.S.A. | Antwerp, Belgium – Dec. 19, 2024 – Building on the successful introduction of its MK-V electric tractor and having established itself as the leading electric, autonomous, and data-driven off-road manufacturer in the specialty and compact tractor market, Monarch Tractor is pleased to announce the establishment of Monarch Tractor Europe, N.V.
Poised for Growth
Recognized by Forbes in 2023 as one of the top 25 U.S. startups it believes will achieve a $1 billion valuation, Monarch has continued expanding its U.S. sales and dealer network across the U.S., into Canada, and now Europe. In addition to late-stage beta testing fully autonomous operations across several ag markets, Monarch is developing more opportunities for OE licensing collaborations and cementing itself as an energy and data platform.
Before entering the market in Dec. 2022, Monarch’s MK-V worked at test sites and toured the U.S. for demonstrations. This in-person experience played an important role for farmers, helping them understand the many ways a modernized version of agriculture’s iconic tractor could save them money, time, and even help improve their farmlands. In fall of 2023, the MK-V entered Europe for the first time, embarking on a similar tour of shows, demonstrations, and testing in vineyards and orchards where it was consistently received with enthusiasm and support from European farmers.
With Monarch’s ongoing strategic growth journey, the expansion to Europe is a logical next step with planned local manufacturing, an R&D hub, a digital center of excellence, and its EU headquarters in Flanders, Belgium.
Praveen Penmetsa, CEO, Monarch Tractor
Monarch Tractor Europe, N.V. is based in Antwerp, Belgium and serves as the business entity for all European operations. The European team is headed by Stéphane Jacobs who, in the role of Managing Director of Europe, will oversee a leadership team responsible for developing and deploying European market entry, growth, and strategy.
This milestone reflects our long-term engagement to serve the European market with a portfolio of solutions fulfilling the requirements of European farmers. Enthusiastic feedback from visitors from our booth at EIMA [Bologna, Italy] and Vinitech-Sifel [Bordeaux, France] confirms that we are on a promising path.
Stéphane Jacobs, Managing Director of Europe, Monarch Tractor
By the end of the 2024 growing season, Monarch’s MK-Vs have amassed nearly 67,000 hours of usage, saving farmers nearly $1 million in fuel costs, and abated more than 2,000 tonnes of CO2e.
