CMS has advised Plastic Omnium on establishing a joint venture with ElringKlinger. In addition, Plastic Omnium acquired ElringKlinger’s Austrian subsidiary — ElringKlinger Fuelcell Systems Austria — for almost EUR 15 million. KPMG Law Germany and KPMG Law Austria Buchberger Ettmayer advised ElringKlinger on the transaction, which remain subject to regulatory approval.
According to CMS, the transaction is designed to “drive forward the development of hydrogen mobility” and “will create a joint venture for the development and large-scale production of fuel cell stacks for CO2-neutral mobility. ElringKlinger will contribute its fuel cell business and expertise. Plastic Omnium will invest around EUR 100 million for accelerating innovation, expanding the commercial pipeline, and increasing production capacities. “
The newly established company, EKPO Fuel Cell Technologies, will be 60% owned by ElringKlinger and 40% by Plastic Omnium.
The CMS team included Germany-based Partner Dirk Jannott and Senior Associate Artur Baron and Austria-based Partners Alexander Rakosi, Dieter Zandler, and Sibylle Novak, Attorney Georg Gutfleisch, and Associates Marco Selenic and Sanela Fuerstenberg.
KPMG Law Austria Buchberger Ettmayer's team was led by Partner Wendelin Ettmayer.