Faurecia, a company of the Group FORVIA, Michelin, and Stellantis revealed it had started negotiations to acquire a “substantial stake” in Symbio.
With the transaction expected to occur early this year (2023), subject to customary closing conditions, including regulatory approvals, it is hoped the acquisition could accelerate Symbio’s growth and global expansion.
Symbio has made bold moves in recent years to accelerate the industrialisation of its fuel cell technologies, having announced in October (2022), it would increase its French production capacity to 100,000 systems per year by 2028.
Additionally, in August 2021, the company revealed it was taking its hydrogen fuel cell stack systems to the US market, launching Symbio North America.
Read more: Symbio hydrogen fuel cell systems to enter the US market
Stellantis in 2021 launched its hydrogen-powered mid-sized vans in collaboration with Faurecia and Symbio. In October 2022, Stellantis announced it had made a €10m investment to mass produce the vans under its brands Peugeot, Citroën, and Opel.
Read more: Peugeot, Citroën and Opel hydrogen-powered vans to be mass produced
“By the intention of acquiring a stake Symbio, Stellantis confirms the robustness of Michelin and Faurecia’s approach to creating a global leader in zero-emission mobility,” said Patrick Koller, CEO of Faurecia. “The new setup will accelerate and globalise Symbio’s growth to the benefit of its customers.”
Florent Menegaux, CEO of Michelin, commented, “Michelin is convinced that hydrogen fuel cell technology will make an effective contribution to decarbonising mobility and even beyond. This is what led Michelin to pioneer this technology for more than 20 years.”
Read more: Michelin betting big on hydrogen as it moves beyond tyres
“The arrival of Stellantis in Symbio’s capital would reinforce this conviction and would catalyse the tremendous industrial momentum we have built with Faurecia,” Menegaux added.
Read more: The time has come for hydrogen to realise its potential: an interview with Faurecia
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