The European Commission said on October 10 that the EC has approved under the EU Merger Regulation the creation of a joint venture by AES Corporation Inc. of the US and Siemens AG of Germany.
According to the Commission, the joint venture, based in the United States and called Fluence Energy LLC will develop and market battery-based energy storage solutions. AES is a global power company and Siemens is active in a number of industrial areas.
The Commission said that the EC concluded that the proposed acquisition would raise no competition concerns because of the limited overlap between the companies’ activities. The transaction was examined under the simplified merger review procedure.