Stellantis Signs Binding Agreement To Acquire Equal Stake In Symbio!

Stellantis, Faurecia, and Michelin have announced a significant agreement for Stellantis to acquire a 33.3% stake in Symbio, a leading company in zero-emission hydrogen mobility. This move is substantial in decarbonizing the mobility industry and highlights Symbio’s expertise in hydrogen fuel cell innovations. In addition, the involvement of Stellantis as a shareholder will enhance Symbio’s growth in Europe and the United States.

Carlos Tavares, CEO of Stellantis, stated that acquiring an equal stake in Symbio will strengthen its position in hydrogen-powered vehicles, complementing its expanding portfolio of battery-electric cars. In addition, Tavares emphasized the importance of hydrogen fuel cells in their Dare Forward 2030 plan to combat global warming and achieve carbon neutrality by 2038.

Symbio has ambitious plans to produce 50,000 fuel cells annually by 2025 through its advanced Gigafactory in Saint-Fons, France, which will commence production in the latter half of 2023. Additionally, Symbio aims to reach a total annual production capacity of 100,000 systems by 2028, generating 1,000 jobs in France.

Patrick Koller, CEO of Faurecia, expressed his satisfaction with the transaction, noting that it will further enhance Symbio’s capabilities and support its expansion beyond Europe. Koller highlighted the growing demand for zero-emission mobility and emphasized that the agreement benefits all parties involved, solidifying FORVIA’s position as a global leader in clean mobility.

Michelin CEO Florent Menegaux praised Stellantis’ entry into Symbio’s capital as a significant catalyst for their joint subsidiary’s development. Menegaux emphasized the essential role of fuel cell technology in the automotive industry’s electrification, particularly for professional use. He further reinforced the conviction that hydrogen will be a crucial solution for decarbonization.

The transaction is subject to customary regulatory approvals, and the closing is expected in the third quarter of 2023.

Symbio, a joint venture between Faurecia and Michelin, is a renowned partner for innovative mobility solutions with over 30 years of experience and 6 million kilometers driven. The company specializes in hydrogen fuel cell systems and offers various compact StackPack fuel cell systems for various vehicles, meeting power, durability, and range requirements. Symbio is already collaborating with Stellantis to deploy the world’s first hydrogen-powered light commercial vehicle program. With over 700 dedicated employees, Symbio is committed to accelerating the deployment of clean mobility solutions that prioritize environmental and health considerations while maintaining performance standards.