Symbio FCell welcomes Michelin as main shareholder, brings new investor on board

Michelin has become the majority shareholder in Symbio FCell in the latest round of fundraising conducted by the French hydrogen fuel cell technology company. This fundraising round also saw energy company Engie come on board as an investor. Symbio FCell states that the funds raised give it “the means to develop faster, particularly in the field of hydrogen mobility.”

Michelin took a large minority stake in Symbio FCell in mid-2014. “Michelin is a player in the field of sustainable mobility and considers hydrogen to be one key component of this domain,” comments Laurent Noual, member of the Michelin Group’s Executive Committee. “Symbio FCell’s approach kick-starts profitable hydrogen mobility services that meet urban needs, prior to the massive arrival of mainstream H2 vehicles.”

Engie, as a player in the green mobility market, has taken steps to speed up the development of alternative energies, including in electric transportation. Having installed more than 5,000 charging stations in Europe, the group is now helping to encourage the use of hydrogen in electric mobility. By joining Michelin in investing in Symbio FCell, Engie will take an active part in the evolution of hydrogen uses and already experiments the installation of H2 infrastructures.

“Engle’s arrival alongside Michelin sends a strong signal to businesses and governments that have chosen to become players in the energy transition and want to get access to solutions that can be rapidly operationalise,” says Fabio Ferrari, chief executive officer of Symbio FCell.

“This project perfectly illustrates the group’s commitment to developing hydrogen-powered transportation by teaming up with industry partners,” adds Thierry Lepercq, Engie’s executive vice-president. “Engie wants to develop green mobility and especially alternative green energies, deploying NGV as an alternative fuel, or electric mobility, with EV charging stations being installed in Europe, or innovative solutions dealing with hydrogen.”