Brussels, 22 July 2022
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Hartree Partners Singapore Pte. Limited (‘Hartree’) of Singapore, Contemporary Amperex Technology Co. Ltd. (‘CATL’) and Cathay Fortune Corporation (‘CFC’), both of China.
The joint venture will be active in the development and operation of energy storage power stations in countries in Asia-Pacific, Europe and North America. Hartree is a global energy and commodities trading firm. CATL is active in battery manufacturing with a focus on developing, producing and marketing large-sized rechargeable power lithium-ion batteries used for vehicles and energy storage systems. CFC is an equity investment firm mainly active in minerals, new energy and new materials.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the lack of horizontal overlaps and the very limited vertical relationships between the companies’ activities. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10742.
Source – EU Commission