Stellantis joins Symbio JV

Negotiations between Faurecia, Michelin, and Stellantis have resulted in the signing of a binding agreement covering Stellantis’s acquisition of a 33.3 per cent stake in zero-emission hydrogen mobility firm Symbio. Both Faurecia and Michelin now hold a 33.3 per cent share in Symbio as well. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.

In a statement announcing the arrival of Stellantis in the venture, the partners comment that this represents “a significant step in the decarbonisation of the mobility industry and illustrates Symbio’s technological excellence in hydrogen fuel cell innovations.” The presence of Stellantis as a shareholder, they add, will “boost Symbio’s development across Europe and in the US.”

“Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio,” says Carlos Tavares, chief executive officer of Stellantis. “As we push our Dare Forward 2030 plan forward and move to become carbon net zero by 2038, we are considering every technological tool at our fingertips to fight global warming. Hydrogen fuel cells are necessary, and Symbio will become a significant player in the battle to protect future generations.”

Tremendous development driver

Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons gigafactory near Lyon, which will start production in the second half of 2023. Lasts year, Symbio announced the implementation of its HyMotive project aimed at accelerating its industrialisation and the development of disruptive innovations, a project that will enable the company to reach a total annual production capacity in France of 100,000 systems by 2028.

“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” says Florent Menegaux, chief executive officer of Michelin. “It is also a perfect demonstration that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use. Stellantis is already a partner of choice and will be a key player with us in the future. Finally, this transaction reinforces the conviction that Michelin has held for many years: hydrogen will be one of the unavoidable solutions for decarbonisation.”

“We are delighted with this transaction which further increases Symbio’s capabilities and will give additional momentum to the joint venture. Symbio is now perfectly equipped to scale up and expand its leadership outside Europe, at a time when the automotive industry is accelerating towards zero emissions,” adds Patrick Koller, chief executive officer of Forvia group company Faurecia. “This agreement benefits all parties and allows Forvia to confirm its status as a global leader in clean mobility.”