Stellantis to acquire 33.3% stake in hydrogen fuel cell maker Symbio

hydrogen fuel cell maker Symbio

PARIS, FRANCE: Stellantis, the world’s third-largest automaker, has signed a deal to buy a 33.3% stake in Symbio, a hydrogen fuel cell system maker for hydrogen mobility. The deal is expected to close in the third quarter of 2023.

Symbio is a joint venture between Faurecia, a French automotive supplier, and Michelin, a French tire maker. The company was founded in 2017 and is based in Lyon, France. Symbio develops and manufactures hydrogen fuel cell systems for light commercial vehicles.

The deal will give Stellantis a stake in Symbio’s technology and production capacity. Stellantis plans to use Symbio’s technology to power its own hydrogen fuel cell vans. The company also plans to expand its hydrogen offer to large vans in Europe in 2024 and in the U.S. in 2025.

The deal is part of Stellantis’ strategy to become a leader in hydrogen mobility. The company has set a goal of having 100,000 hydrogen-powered vehicles on the road by 2030.

“Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France,” said Stellantis Chief Executive Carlos Tavares. “This deal is a major step forward in our ambition to become a leader in hydrogen mobility.”

The deal is also a boost for Faurecia and Michelin. The two companies have been investing heavily in hydrogen technology in recent years. The deal with Stellantis will give them access to a major customer and help them to accelerate their development of hydrogen fuel cell systems.

“This agreement with Stellantis is a major milestone for Symbio,” said Philippe Varin, Chairman of Symbio. “It will allow us to accelerate our growth and strengthen our position as a leading player in the hydrogen fuel cell market.”

The deal between Stellantis, Faurecia, and Michelin is a major step forward for the development of hydrogen mobility. It will help to bring hydrogen fuel cell vehicles to market faster and at a lower cost. This will help to accelerate the transition to a clean energy future.

Automaker Stellantis acquires 8% shares in battery maker, Vulcan Energy

Middle Island acquires East Tennant project from Strategic Energy

Leave a Reply

Your email address will not be published. Required fields are marked *