Faurecia, a FORVIA group company, Michelin, and Stellantis announced that they had entered into exclusive talks to purchase a significant share in Symbio. Symbio is a crucial player in the zero-emission hydrogen mobility market. Stellantis intends to become a key shareholder in Symbio alongside existing partners Faurecia and Michelin.
"Symbio's technology roadmap precisely coincides with Stellantis' aspirations for hydrogen market entry in Europe and the United States," Stellantis CEO Carlos Tavares stated. "This step will accelerate development to provide our consumers with low-emission goods that go beyond standard electric automobiles." "We would like to express our gratitude to the teams at Faurecia, Michelin, and Symbio for their dedication to innovation, excellence, and collaboration on our path to decarbonized transportation."
Stellantis is a pioneer in the field of hydrogen mobility, and by the end of 2021, medium-sized fuel cell vehicles will be on the market. The company is pursuing ambitious goals as part of the Dare Forward 2030 strategic plan. This involves increasing hydrogen offerings for bigger commercial vehicles as early as 2024 in Europe and 2025 in the United States and further studying heavy-duty vehicle choices.
"With the planned acquisition of a stake in Symbio, Stellantis supports the approach of Michelin and Faurecia to become a global leader in zero-emission transportation." "Symbio's growth will be accelerated and globalized due to the new structure, which will benefit our clients," said Faurecia CEO Patrick Koller.
"Michelin is sure that hydrogen fuel cell technology will make an important contribution to the decarbonization of mobility and even beyond," said Florent Menegaux, CEO of Michelin. As a result, Michelin has been at the forefront of this technology for more than 20 years. "Stellantis' admission into Symbio would bolster this view while accelerating the amazing industrial momentum we've generated with Faurecia."
Symbio unveiled the "HyMotive" project in October 2022 to push its industrialization and disruptive innovation. This would expand France's total production capacity to 100,000 systems per year by 2028, creating 1,000 new jobs. The deal will aid Symbio's development since the company will profit from Stellantis' dominant position in the European and American automobile markets.
The deal is scheduled for completion in the first half of 2023, subject to typical closing circumstances such as regulatory approvals.