Faurecia, a company of the FORVIA group, Michelin and Stellantis announced the signing of a binding agreement for Stellantis to acquire 33.3% stake in hydrogen mobility company Symbio. Faurecia and Michelin will remain shareholders with 33.3% holding each.
The announcement is a significant step in the decarbonization of the mobility industry and illustrates Symbio’s technological excellence in hydrogen fuel cell innovations. The addition of Stellantis as a shareholder will boost Symbio’s development across Europe and in the U.S.
“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, Stellantis CEO. “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.”
Symbio plans to produce 50,000 fuel cells per year 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 industrialization 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 toward 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 decarbonization.”
The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.