Stellantis to acquire equal stake with Faurecia and Michelin in Symbio
In France, Faurecia, together with Michelin and Stellantis, announced the signing of a binding agreement for Stellantis to acquire 33.3% stake in Symbio, a specialist in zero-emission hydrogen mobility. Faurecia and Michelin will remain shareholders with 33.3% holding each.
The companies said that the addition of Stellantis as a shareholder will boost Symbio’s development across Europe and in the U.S.
“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,” said Carlos Tavares, Stellantis CEO. “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.”
Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons gigafactory, which will start production in the second half of 2023.
The transaction is subject to customary regulatory approvals. The companies also noted that the closing of the transaction is expected in the third quarter of 2023.
Category: Hydrogen
