Stellantis to acquire stake in hydrogen mobility company Symbio
Automotive manufacturing company joins Faurecia and Michelin to further industrialize and globalize Symbio’s growth for hydrogen mobility.
Photo Credit: Getty Images
Faurecia (Nanterre, France) — a Forvia Group brand — as well as Michelin (Clermont-Ferrand, France) and Stellantis (Hoofddorp, Netherlands) have begun exclusive negotiations for Stellantis to acquire a substantial stake in Symbio, a zero-emissions hydrogen mobility company, in order to become a significant player along with existing shareholders Faurecia and Michelin.
“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the U.S.,” Stellantis CEO Carlos Tavares says. “This move will foster the speed of development to bring low-emission products to our customers, beyond traditional electric vehicles.”
Stellantis’ specialty is hydrogen mobility, having launched mid-size vans in late 2021. The company is pursuing an aggressive ambition as part of the 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.
In October 2022, Symbio announced its HyMotive project to accelerate its industrialization and disruptive innovation, which will increase its total production capacity in France to 100,000 systems per year by 2028 while generating 1,000 additional jobs. This transaction enables Symbio to expand its development by capitalizing on Stellantis’ leadership in the European and American automotive markets.
The closing of the transaction is expected to occur in the first semester of 2023 and is subject to customary closing conditions, including regulatory approvals.
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