Stellantis NV announced plans to buy a stake in Symbio, a Faurecia Michelin Hydrogen Company, as the automotive giant tries to bolster its low-emissions offerings.
Stellantis plans to acquire a substantial stake in Symbio to become a significant player along with existing shareholders Faurecia and Michelin, with closing of the transaction expected for the first half of 2023.
“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the U.S.,” 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 U.S. 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 setup will accelerate and globalize 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 catalyze the tremendous industrial momentum we have built with Faurecia.”
In October 2022, Symbio announced its HyMotive project to accelerate its industrialization 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 capitalizing on Stellantis’ leadership in the European and American automotive markets.
The closing of the transaction is expected to occur in the first half of 2023 and is subject to customary closing conditions, including regulatory approvals.