The negotiations announced last December have borne fruit: the Stellantis group (born from the merger between the two automotive giants FCA and PSA) has in fact announced that it has signed a binding agreement for the acquisition of 33.3% of Symbio's shares , a joint venture between Faurecia (FORVIA group) and Michelin active in the development of fuel cells and other technological solutions for hydrogen mobility. Following this operation, the three shareholders will each hold a 33.3% stake in Symbio, which thanks to the entry into the capital of Stellantis – reads a note – will be able to grow further in Europe and in the United States.
“The acquisition of an equal stake in Symbio will strengthen our leadership position in hydrogen vehicles, supporting our production of fuel cell vans in France ( with the brand brands Peugeot, Citroën and Opel ; ed), and represents a perfect complement to our growing offer of battery electric vehicles” said Carlos Tavares, CEO of Stellantis. “As we move forward with our Dare Forward 2030 strategic plan and are committed to net-zero carbon emissions by 2038, we are considering every technological tool at our disposal to fight global warming. Hydrogen fuel cells are essential and Symbio will become a major player in the battle to protect future generations.”
Symbio has planned to produce 50,000 fuel cells a year by 2025, taking advantage of the new gigafactory in Saint-Fons, which will start production in the second half of 2023. But in the coveted HyMotive plan announced in 2022, the company aims to achieve a total production capacity in France of 100,000 systems per year by 2028, with the creation of 1,000 jobs in the transalpine country.
“We are delighted with this transaction, which enables Symbio to increase its capabilities and will give further momentum to the joint venture. Symbio is now perfectly capable of growing and extending its leadership outside Europe at a time when the automotive sector is making great strides towards zero emissions,” said Patrick Koller, Chief Executive Officer of Faurecia. “This agreement benefits all parties and allows FORVIA to confirm its position as a world leader in clean mobility.”
“The entry of Stellantis into the capital of Symbio represents an extraordinary driving force for the development of our subsidiary” added Florent Menegaux, CEO of Michelin. “It is also an excellent demonstration that fuel cell technology is essential for the automotive industry to achieve the goal of the electrification of mobility, especially for professional use. Stellantis is already a reference partner and will play a key role in our collaboration in the future. Finally, this transaction reinforces the belief that Michelin has been holding for years, namely that hydrogen will be one of the essential solutions for decarbonisation.”
