Faurecia, Michelin, and Stellantis have announced a binding agreement for Stellantis to acquire a 33.3% stake in Symbio, a leading company in zero-emission hydrogen mobility.
With this move, Stellantis joins Faurecia and Michelin as shareholders in Symbio, each holding a 33.3% stake. The acquisition signifies a significant step in the decarbonization of the mobility industry and highlights Symbio’s expertise in hydrogen fuel cell innovations. Stellantis’ participation as a shareholder will contribute to the expansion of Symbio’s operations across Europe and the United States.
Stellantis CEO Carlos Tavares emphasized the strategic importance of the acquisition, stating, “Acquiring an equal stake in Symbio will strengthen our position as a leader in hydrogen-powered vehicles, supporting our fuel cell van production in France. It also complements our growing portfolio of battery electric vehicles.” Tavares further emphasized the role of hydrogen fuel cells in the fight against global warming and the company’s commitment to becoming carbon net-zero by 2038.
Symbio has ambitious plans for its fuel cell production. By 2025, the company aims to manufacture 50,000 fuel cells annually, leveraging its state-of-the-art gigafactory in Saint-Fons, which is set to commence production in the latter half of 2023. In 2022, Symbio launched the HyMotive project, which focused on accelerating industrialization and the development of disruptive innovations. The project aims to achieve a total annual production capacity of 100,000 systems in France by 2028 and is expected to create 1,000 jobs in the country.
The transaction is seen as a significant boost to Symbio’s capabilities and will enable the company to expand its leadership beyond Europe. Faurecia CEO Patrick Koller expressed his satisfaction with the agreement, stating that it will benefit all parties involved and further solidify FORVIA’s position as a global leader in clean mobility. Michelin CEO Florent Menegaux emphasized the importance of fuel cell technology in the electrification of mobility, particularly for professional use. Menegaux believes that hydrogen will be an essential solution for decarbonization.
The completion of the transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.