AMSTERDAM, May 16, 2023 /PRNewswire/ -- Faurecia, a company of the FORVIA group, Michelin and Stellantis announce today the signing of a binding agreement for Stellantis to acquire 33.3% stake in Symbio, a leader in zero-emission hydrogen mobility. Faurecia and Michelin will remain shareholders with 33.3% holding each.
The announcement is a significant step in the decarbonization of the mobility industry and illustrates Symbio's technological excellence in hydrogen fuel cell innovations. 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 state-of-the-art gigafactory, which will start production in the second half of 2023. In 2022, Symbio announced the implementation of its HyMotive project aimed at accelerating its industrialization 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 with the creation of 1,000 jobs in France.
"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 toward zero emissions," said Patrick Koller, CEO of Faurecia. "This agreement benefits all parties and allows FORVIA to confirm its status as a global leader in clean mobility."
"The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary," said Florent Menegaux, CEO 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 decarbonization."
The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.
Symbio, a Faurecia & Michelin joint venture, is a leading innovative partner for mobility pioneers, with more than 30 years of experience and 6 million kilometers driven. A world reference in hydrogen fuel cell systems, Symbio combines industrial leadership and innovation excellence with entrepreneurial agility to deliver zero-emission mobility. Whether on-road or off-road, from trucks, vans, buses to logistics equipment or passenger vehicles, its wide range of compact StackPack fuel cell systems meet all requirements for power, durability and range. Symbio is a Stellantis partner in the deployment of the world's first hydrogen-powered light commercial vehicle program. Symbio has over 700 employees committed to building a positive future, helping their customers accelerate the deployment of a clean mobility that respects our environment, our air and our health, without compromising on performance. Symbio's H2Motive range covers all power and durability needs with single- and multi-stack systems engineered with the associated power management systems, electronic control units, cooling, air, and hydrogen loops that generate and control the electrical power. www.symbio.one
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world's leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today's customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.
FORVIA comprises the complementary technology and industrial strengths of Faurecia and HELLA. With over 290 industrial sites and 76 R&D centers, 157,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 14,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMS worldwide. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. www.forvia.com
Michelin, the leading mobility company, is dedicated to sustainably enhancing its clients' mobility; designing and distributing the most suitable tires, services, and solutions for its clients' needs; providing digital services, maps, and guides to help enrich trips and travels and make them unique experiences; and developing high-technology materials that serve a variety of industries. Headquartered in Clermont-Ferrand, France, Michelin is present in 175 countries, has 132,200 employees and operates 67 tire production facilities which together produced around 167 million tires in 2022. (www.michelin.com)
STELLANTIS FORWARD-LOOKING STATEMENTS
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