A Gleiss Lutz team has advised automotive and industrial supplier Schaeffler on the formation of a 50:50 joint venture together with Symbio, a hydrogen technology joint venture between Faurecia and Michelin. The formation is still subject to customary approvals and is expected to be completed by the end of 2022.
The joint venture 'Innoplate' will operate globally and produce bipolar plates, a strategic component for fuel cells, on an industrial scale.
Innoplate's headquarters and first plant will be located in Haguenau, Alsace, France. The new company plans to produce about 50 million bipolar plates per year by 2030. It combines the know-how of leading European automotive suppliers and a global leader in fuel cell technology for the automotive industry, who together see great potential in the developing hydrogen economy. The establishment of this Franco-German project will also strengthen the European value chain for mobility through hydrogen.
The Schaeffler Group is a leading global automotive and industrial supplier. In addition to precision components and systems for powertrains and chassis, the technology company also produces rolling and plain bearing solutions for a wide range of industrial applications. In 2021, the group of companies generated sales of around 13.9 billion euros. With approximately 83,000 employees, the Schaeffler Group is one of the world's largest family-owned companies.
Symbio, a joint venture between Michelin and Faurecia, is a global technology partner for manufacturers in the field of hydrogen systems for sustainable mobility. The company offers a complete range of fuel cell solutions under the StackPack® brand that meet different transportation needs for light and commercial vehicles, buses and trucks, as well as various electric vehicle designs.
Inhouse, Dr Jan Wittenberg (General Counsel) and Martin Köster (Head of M&A) handled the transaction.
The following Gleiss Lutz team led by Dr Ralf Morshäuser (Partner, Lead) and Dr Moritz Riesener (both M&A, Munich) advised Schaeffler on the transaction: Dr Alexander Molle (Partner, Berlin), Dr Hannah Bug (Counsel, both IP/IT, Berlin), Dr Matthias Werner (Counsel), Felizitas Casper (both Commercial, Munich).
Paris-based law firm Jeantet (Karl Hepp de Sevelinges, Ruben Koslar and Perrine Fuchs) advised on French law.
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