Stellantis to acquire stake in Symbio

Stellantis to acquire stake in SymbioFaurecia, a company of the Group Forvia, which is the world’s seventh largest automotive technology player, tyre maker Michelin and automaker Stellantis say that negotiations have started for Stellantis to acquire a substantial stake in Symbio, a leader in zero-emission hydrogen mobility, to become a significant player along with existing shareholders Faurecia and Michelin.

Symbio, a Faurecia & Michelin joint venture, is a leading innovative partner for mobility pioneers, with more than 30 years of experience and 6 million km driven. A world reference in hydrogen fuel cell systems, Symbio says it delivers zero-emission mobility. Whether on-road or off-road, from trucks, vans, buses to logistics equipment or passenger vehicles, its wide range of compact StackPack fuel cell systems meet all requirements for power, durability and range. Symbio is a Stellantis partner in the deployment of the world’s first hydrogen-powered light commercial vehicle program

In October 2022, Symbio announced its HyMotive project to accelerate its industrialisation and disruptive innovation, which will increase its total production capacity in France to 100,000 systems per year by 2028 while generating 1,000 additional jobs. This transaction enables Symbio to expand its development by capitalising on Stellantis’ leadership in the European and American automotive markets.

The closing of the transaction is expected to occur in the first semester of 2023 and is subject to customary closing conditions, including regulatory approvals.

“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the US,” said Stellantis CEO Carlos Tavares. “This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles. We’re grateful to the teams at Faurecia, Michelin and Symbio for their commitment to innovation, excellence, and collaboration as we all work to achieve decarbonized mobility.”

Stellantis is a pioneer and frontrunner in hydrogen mobility having launched mid-size vans in late 2021. The company is pursuing an aggressive ambition as part of the Dare Forward 2030 strategic plan, which includes expanding its hydrogen offering to large vans as early as 2024 in Europe and 2025 in the US while further exploring opportunities for heavy-duty trucks.

“By the intention of acquiring a stake in Symbio, Stellantis confirms the robustness of Michelin and Faurecia’s approach to creating a global leader in zero-emission mobility. The new set-up will accelerate and globalise Symbio’s growth to the benefit of its customers,” declared Patrick Koller, CEO of Faurecia.

Florent Menegaux, CEO of Michelin, said, “Michelin is convinced that hydrogen fuel cell technology will make an effective contribution to decarbonizing mobility and even beyond. This is what led Michelin to pioneer in this technology for more than 20 years. The arrival of Stellantis in Symbio’s capital would reinforce this conviction and would catalyse the tremendous industrial momentum we have built with Faurecia.”