Stellantis has signed a binding agreement with Faurecia and Michelin to acquire a 33.3% stake in zero-emission hydrogen mobility company Symbio. With Stellantis as a shareholder it is anticipated that Symbio’s development activities will be accelerated in Europe and the USA.
With production operations scheduled to begin in the second half of 2023, Symbio targets that by 2025, its gigafactory in Saint-Fons, France, will have an annual production capacity of 50,000 fuel cells.
The announcement aligns with Symbio’s HyMotive project announced in 2022, under which the company aims to achieve a production capacity of 100,000 systems each year by 2028.
“Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio,” said Carlos Tavares, CEO, Stellantis. “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.”
“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” said Florent Menegaux, CEO, 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 decarbonization.”
Under the agreement, both Faurecia and Michelin will remain shareholders with a 33.3% holding each.
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