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Michelin and Faurecia formalize hydrogen JV; €140M initial investment

In late November, Michelin and Faurecia formalized the creation of Symbio, A Faurecia Michelin Hydrogen Company, a joint venture combining all their hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility. The two partners had signed a Memorandum of Understanding in March 2019. (Earlier post.)

The joint venture is tasked with developing, producing and marketing hydrogen fuel cell systems for light vehicles, commercial vehicles and trucks as well as for other areas of electromobility.

Faurecia is contributing its technological hydrogen mobility expertise and the results of R&D work carried out with the CEA (the French Atomic Energy Commission). Michelin, for its part, is contributing the know-how of its subsidiary Symbio, an equipment manufacturer supplying hydrogen fuel cell kits as well as a range of services and design and production activities.

Michelin and Faurecia will initially invest €140 million in the joint venture in order to accelerate the development of new-generation fuel cells, launch mass production and increase business in Europe, China and the United States.

Symbio, A Faurecia Michelin Hydrogen Company aims to capture 25% market share and achieve a turnover of around €1.5 billion by 2030. The joint venture will eventually have three industrial sites supplying the world's main automotive markets: Europe, Asia and the United States.

Electric mobility demand is expected to increase significantly between now and 2030, with hydrogen powered vehicles accounting for 2 million vehicles of which 350,000 will be trucks.

Equally owned by the two Groups, the joint venture will be governed by Michelin, Faurecia and Symbio executives with significant experience in the automotive industry and in managing a fast-growing business. As a result, Fabio Ferrari has been appointed Chief Executive Officer, while Guillaume Salvo, formerly Director of the Light Vehicle Product Line at Faurecia, has been appointed Chief Operating Officer.

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