Faurecia, a company of the FORVIA group, Michelin and Stellantis signed a binding agreement for Stellantis to acquire 33.3% stake in Symbio, a developer of hydrogen fuel cell systems for light- and heavy-duty vehicle applications. Faurecia and Michelin will remain shareholders with 33.3% holding each.
The addition of Stellantis as a shareholder will boost Symbio’s development across Europe and in the US.
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. 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.—Carlos Tavares, Stellantis CEO
Symbio plans to produce 50,000 fuel cell systems 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.
The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.
Earlier in May, the California Energy Commission (CEC) awarded Symbio North America a US$9-million grant to support the establishment of a new industrial facility in Temecula for hydrogen fuel cell vehicle power systems and vehicle assembly. The Temecula facility is to assemble regional heavy-duty fuel cell Class 8 trucks, medium-0duty fuel cell vehicles, and fuel cell power systems.