Stellantis Joins Forces with Faurecia and Michelin to Accelerate Zero-Emission Mobility
Today, Faurecia, a company of the Group FORVIA, Michelin and Stellantis announced exclusive negotiations for Stellantis to acquire a substantial stake in Symbio, a leader in zero-emission hydrogen mobility. This move will allow Stellantis to become a significant player alongside existing shareholders Faurecia and Michelin.The decision was made due to Symbio’s technical roadmap matching with Stellantis‘ hydrogen roll-out plans in Europe and the U.S., as stated by Carlos Tavares, CEO of Stellantis. He also expressed his gratitude towards the teams at Faurecia, Michelin and Symbio for their commitment to innovation and collaboration in order to achieve decarbonized mobility.Stellantis is already a pioneer and frontrunner in hydrogen mobility having launched mid-size vans late 2021. The Company is pursuing an aggressive ambition as part of its Dare Forward 2030 strategic plan which includes expanding its hydrogen offering to large vans as early as 2024 in Europe and 2025 in the U.S., while further exploring opportunities for heavy-duty trucks.Patrick Koller, CEO of Faurecia commented on the intention of acquiring a stake in Symbio by saying that it confirms the robustness of Michelin and Faurecia’s approach towards creating a global leader in zero-emission mobility. He added that this new setup would accelerate and globalize Symbio’s growth for the benefit of its customers. Florent Menegaux, CEO of Michelin said that they are convinced that hydrogen fuel cell technology will make an effective contribution to decarbonizing mobility beyond traditional electric vehicles. This is what led Michelin to pioneer this technology for more than 20 years now. The arrival of Stellantis into Symbio’s capital would reinforce this conviction and catalyze the tremendous industrial momentum built by Faurecia and Michelin together. In October 2022, Symbio announced its HyMotive project which aims at accelerating industrialization and disruptive innovation while increasing production capacity up to 100,000 systems per year by 2028 with 1,000 additional jobs being generated from it too. This transaction enables Symbio to expand its development with the help of Stellantis‘ leadership in European and American automotive markets. The closing date for this transaction is expected to occur during first semester 2023 after meeting all customary closing conditions including regulatory approvals..
Summary
- Stellantis to acquire a substantial stake in Symbio, a leader in zero-emission hydrogen mobility.
- The move will foster the speed of development to bring low emission products to customers.
- Closing of the transaction expected to occur in the first semester of 2023 and is subject to customary closing conditions.
What benefits does Stellantis expect to gain from acquiring a stake in Symbio?
Stellantis expects to gain the ability to expand its development and roll-out plans for hydrogen mobility in Europe and the US, as well as access to Symbio’s leadership in zero-emission mobility, through acquiring a stake in Symbio.You might also like this article: Brandenburg fördert Wachstum in Beelitz mit 228.400 Euro. Picture source: Osley Coke