What’s Happening
Stellantis, a prominent automaker, is set to acquire a 33.3% stake in Symbio, a pioneering firm in zero-emission hydrogen mobility. The binding agreement for this acquisition was announced today by Faurecia, a company of the FORVIA group, Michelin, and Stellantis. Post-acquisition, Faurecia and Michelin will retain their equal shareholdings, each holding 33.3%.
Why It Matters
This acquisition signifies a crucial stride towards decarbonizing the mobility industry, highlighting Symbio’s technical proficiency in hydrogen fuel cell innovations. With Stellantis joining as a shareholder, Symbio is expected to accelerate its development in Europe and the U.S. The move aligns with Stellantis’s Dare Forward 2030 plan and their goal to achieve carbon net zero by 2038, demonstrating their commitment to leverage every available technological resource to combat climate change.
Key Points
Stellantis’s CEO, Carlos Tavares, stated that acquiring an equal stake in Symbio will enhance their leadership position in hydrogen-powered vehicles and support their fuel cell van production in France. It will also supplement their burgeoning battery-electric vehicle portfolio. He emphasized that hydrogen fuel cells are indispensable in the fight against global warming and that Symbio will play a significant role in this battle.
Symbio’s ambitious plans include the production of 50,000 fuel cells annually by 2025. The company will utilize its cutting-edge gigafactory in Saint-Fons, which is set to commence production in the latter half of 2023. In 2022, Symbio launched its HyMotive project to expedite industrialization and develop innovative solutions, aiming to achieve an annual production capacity of 100,000 systems by 2028 in France, which will generate 1,000 jobs.
Bottom Line
This transaction will significantly enhance Symbio’s capabilities and give the joint venture an additional impetus, according to Patrick Koller, CEO of Faurecia. He affirmed that the agreement benefits all parties and consolidates FORVIA’s position as a global leader in clean mobility.
Florent Menegaux, CEO of Michelin, echoed this sentiment, stating that Stellantis’s entry into Symbio’s capital is a significant development driver for their joint subsidiary. He emphasized that fuel cell technology is integral for the automotive industry’s success in mobility electrification, particularly for professional use.
The deal is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.
