Faurecia, a company of the Forvia group, Michelin and Stellantis, have announced signing a binding agreement for Stellantis to acquire a 33.3% stake in Symbio, a zero-emission hydrogen mobility company.
A press release from Stellantis noted that its addition as a shareholder will boost Symbio’s development across Europe and the US.
Symbio plans to produce 50,000 fuel cells annually by 2025, leveraging its Saint-Fons state-of-the-art gigafactory, which will start production in the second half of 2023.
In 2022, Symbio announced the implementation of its HyMotive project aimed at accelerating its industrialisation and the development of disruptive innovations. This project will enable the company to reach a total annual production capacity in France of 100,000 systems by 2028, creating 1,000 jobs in the country.
Carlos Tavares, CEO, Stellantis, noted that acquiring an equal stake in Symbio will bolster Stellantis’ leadership position in hydrogen-powered vehicles by supporting its fuel cell van production in France, and it also serves as a perfect complement to the company’s growing battery-electric vehicle portfolio.
“As we push our Dare Forward 2030 plan forward and move to become carbon net zero by 2038, we are considering every technological tool at our fingertips to fight global warming. Hydrogen fuel cells are necessary, and Symbio will become a significant player in the battle to protect future generations,” he added.
Patrick Koller, Chief Executive Officer, Faurecia, said, Symbio is now equipped to scale up and expand its leadership outside Europe when the automotive industry is accelerating towards zero emissions.
Florent Menegaux, CEO, Michelin, noted that the transaction demonstrates that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use.
“Stellantis is already a partner of choice and will be a key player with us in the future. Finally, this transaction reinforces the conviction that Michelin has held for many years: hydrogen will be one of the unavoidable solutions for decarbonisation,” Menegaux added.
Also Read