The European Commission has approved Mercedes-Benz China, BMW Brilliance Automotive and Seres Group taking joint control of Beijing IONCHI New Energy Technology, known as Ionchi.
Ionchi had previously been under the joint control of Mercedes and BMW.
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Following the approved transaction, Seres becomes a third joint owner of the venture.
Ionchi was established in 2024 and operates public high-power charging infrastructure and charging service networks for electric vehicles in China.
Its operations combine fast charging with station operation, maintenance, customer service and the use of 100% renewable energy.
The deal received clearance under the European Union Merger Regulation, following the simplified merger review procedure.
According to the Commission, the transaction does not raise competition concerns, given its limited impact on the European Economic Area.
The approval follows an announcement made in April that Seres would become an equal shareholder in Ionchi, joining BMW and Mercedes-Benz, with each of the three companies holding a 33.3% stake in the joint venture.
Under that arrangement, AITO, the premium brand of Seres Group, would contribute to the development of Ionchi’s charging infrastructure.
The venture would continue offering charging services to eligible vehicles generally, while also providing exclusive experiences to BMW, AITO and Mercedes-Benz customers.
According to its website, the company plans to deploy more than 7,000 ultra-fast charging piles across over 40 cities by the end of 2027.
At the time of announcement, Seres said: “Through the continued expansion of high-quality charging infrastructure and the integration of advanced technologies, IONCHI will continue to contribute to the development of China’s electric mobility ecosystem. In addition, all shareholders share a long-term commitment to supporting the development of sustainable mobility in China.”
In November last year, Seres Group raised HK$14.3bn ($1.8bn) through a listing in Hong Kong.
The EV maker sold approximately 108.6 million shares at HK$131.50 each, a total that included 8.4 million additional shares which increased the offering by roughly 8.4%.
