After months of guessing who might be an eligible suitor for JCI’s battery business, the wait is over. The sale of Power Solutions to investment firms seems an unlikely partnership. But a US$13 billion ‘dowry’ is not a bad start to building a relationship.
Meanwhile, Germany is also splashing the cash, as we report in our top story, to put it in the driving seat of future European battery cells production. So much for the EU’s ‘united’ Batteries Alliance— but credit to Berlin for putting its money where its mouth is.
It seems Mrs Merkel has dodged EU state-aid restrictions to invest in batteries— a power play we reported was under way weeks ago.