Auto parts firm Faurecia, a company of the Forvia group, tyre maker Michelin and Stellantis have entered into a binding agreement for auto maker Stellantis to acquire 33.3% stake in Symbio, a specialist in zero-emission hydrogen mobility. Faurecia and Michelin will remain shareholders with 33.3% holding each.
The announcement is a significant step in the decarbonisation of the mobility industry and illustrates Symbio’s technological forte in hydrogen fuel cell innovations. The addition of Stellantis as a shareholder will boost Symbio’s development across Europe and in the US.
Symbio plans to produce 50,000 fuel cells/year by 2025, leveraging its Saint-Fons 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, a project that will enable the company to reach a total annual production capacity in France of 100,000 systems by 2028 with the creation of 1,000 jobs in France.
“We are delighted with this transaction which further increases Symbio’s capabilities and will give additional momentum to the joint venture. Symbio is now perfectly equipped to scale up and expand its leadership outside Europe, at a time when the automotive industry is accelerating towards zero emissions,” said Patrick Koller, CEO of Faurecia. “This agreement benefits all parties and allows Forvia to confirm its status as a global leader in clean mobility.”
“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” said Florent Menegaux, CEO of Michelin. “It is also a perfect demonstration 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.”
The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.
Symbio is a Stellantis partner in the deployment of the world’s first hydrogen-powered light commercial vehicle program.