Stellantis is in talks to acquire a substantial stake in Symbio, a leader in zero-emission hydrogen mobility and joint venture of Faurecia and Michelin.
“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.”
Stellantis is a pioneer and frontrunner in hydrogen mobility having launched mid-sized vans in late 2021. The company said it 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,” said Patrick Koller, CEO of Faurecia. “The new setup will accelerate and globalize Symbio’s growth to the benefit of its customers.”
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, the company said. This transaction enables Symbio to expand its development by capitalizing on Stellantis's leadership in the European and American automotive markets.
“Michelin is convinced that hydrogen fuel cell technology will make an effective contribution to decarbonizing mobility and even beyond,” said Florent Menegaux, CEO of Michelin. “The arrival of Stellantis in Symbio's capital would reinforce this conviction and would catalyze the tremendous industrial momentum we have built with Faurecia.”
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.