The European Commission has approved the joint venture between German tech firm Bosch and Japan’s Mitsubishi to provide battery services for electric vehicles (BEVs).
According to the Commission’s assessment, the deal raises no competition concerns, as the joint venture has minimal activities within the European Economic Area and the proposal does not affect the already limited market share of either company.
The deal was reviewed under the EU’s simplified merger control procedure, which reduces bureaucracy and allows for swift approval of transactions that are “clearly not harmful to competition in Europe.”
Moreover, the Commission notes that the deal “supports the electric vehicle sector,” which Brussels views as key to global decarbonisation efforts.
Background
Bosch and Mitsubishi Corporation have signed an agreement to form a new company, Bosch MC Battery Service Innovations GmbH, as a 50:50 joint venture under Eropean Union (EU) merger rules. Each partner will hold half of the shares and exercise joint control.
The venture will be headquartered in Germany and focus on developing and supplying Battery-as-a-Service enablement solutions and consultancy offerings to strengthen customers’ Battery-as-a-Service operations.
Target clients include leasing providers, battery swapping operators, fleet managers, energy storage system operators, and insurers.
Bosch MC Battery Service Innovations intends to serve customers worldwide, with particular emphasis on the EU, Japan, China, the United States, and India.
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