Stellantis explores acquiring stake in Faurecia Michelin hydrogen JV

Stellantis CEO Carlos Tavares says Symbio’s technical roadmap perfectly matches Stellantis’ hydrogen rollout plans in Europe and in the US.

Autocar Pro News Desk By Autocar Pro News Desk calendar 23 Dec 2022 Views icon3549 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Stellantis explores acquiring stake in Faurecia Michelin hydrogen JV

Faurecia, a company of the Group FORVIA, Michelin and Stellantis announced starting of exclusive negotiations for Stellantis to acquire a substantial stake in Symbio, a leader in zero-emission hydrogen mobility and a Faurecia and Michelin joint venture.

“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen rollout 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 decarbonised 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,” stated 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 semester of 2023 and is subject to customary closing conditions, including regulatory approvals.

ALSO READ: Faurecia and Stellantis working on hydrogen-powered CVs

 

RELATED ARTICLES
Oshkosh Corporation invests in AI powered battery management software firm Eatron Technologies

auther Autocar Pro News Desk calendar01 Mar 2024

Oshkosh’s investment in Eatron supports its vision to leverage advanced analytics and predictive modeling for lithium-io...

Apple calls off decade long electric car project: Report

auther Autocar Pro News Desk calendar29 Feb 2024

The California-based technology company had begun work on Project Titan, ten years ago, when there was a wave of interes...

Yamaha manufactures its three-millionth performance damper

auther Autocar Pro News Desk calendar29 Feb 2024

Demand grows for the vehicle body vibration damper used in passenger cars and motorcycles and first produced in April 20...