According to foreign media reports, Mercedes-Benz, owned by Daimler, said it would buy a 33 per cent stake in European battery maker Automotive Cells Company (ACC). The ACC battery joint venture was originally founded by Stellantis and total energy company (TotalEnergies), and with the addition of Mercedes-Benz, they pledged to increase ACC's battery capacity to at least 120GWh by 2030.
Ola Kaellenius, Daimler's chief executive, said in a statement on Sept. 24 that the partnership was aimed at developing batteries and battery components and "helping Europe secure its core position in the automotive industry, even in the era of electric cars".
As part of Daimler's goal of achieving a carbon-neutral supply chain by 2039, 95 per cent of the batteries produced by ACC will be recyclable. ACC will provide Mercedes-Benz with battery technology from 2025, Daimler said.
The joint venture agreement also includes Daimler's investment of about 300000 euros in ACC's battery project in 2022, adding that its total investment is expected to remain below 1 billion euros (about $1.2 billion).
ACC also received 1.3 billion euros of investment from France and Germany respectively. To achieve its expected capacity of 120 GWh by 2030, ACC expects to need 7 billion euros in equity, debt and subsidies.
Mercedes-Benz will become an equal shareholder in ACC along with Stellantis and Total Energy. ACC has announced that it will build a battery plant in northern France and Germany.
