Daimler-backed Mercedes-Benz completed the acquisition of a stake in Automotive Cells Company.

Daimler-backed Mercedes-Benz, an automotive luxury brand, completed the acquisition of a stake in Automotive Cells Company, an automotive battery manufacturer. Financial terms are not disclosed. "Mercedes-Benz pursues a very ambitious transformation plan and this investment marks a strategic milestone on our path to CO2 neutrality. Together with ACC, we will develop and efficiently produce battery cells and modules in Europe – tailor-made to the specific Mercedes-Benz requirements. This new partnership allows us to secure supply, to take advantage of economies of scale, and to provide our customers with superior battery technology. On top of that we can help to ensure that Europe remains at the heart of the auto industry – even in an electric era: With Mercedes-Benz as a new partner, ACC aims to more than double capacity at its European sites to support Europe's industrial competitiveness in the design and manufacturing of battery cells," Ola Kallenius, Daimler and Mercedes-Benz CEO.