Europa Wire: Decarbonizing Mobility: Stellantis Joins Faurecia and Michelin as Symbio Shareholder000623

Decarbonizing Mobility: Stellantis Joins Faurecia and Michelin as Symbio Shareholder

(IN BRIEF) Stellantis, Faurecia, and Michelin have reached a significant agreement wherein Stellantis will acquire a 33.3% stake in Symbio, a prominent provider of zero-emission hydrogen mobility solutions. Faurecia and Michelin will retain equal ownership stakes. The deal highlights Symbio’s technological excellence in hydrogen fuel cell innovations and represents a major step in decarbonizing the mobility industry. With Stellantis on board, Symbio’s expansion plans across Europe and the United States will be bolstered. Symbio aims to produce 50,000 fuel cells per year by 2025 and has a state-of-the-art gigafactory set to commence production in the latter half of 2023. The transaction is subject to regulatory approvals and is expected to conclude in Q3 2023.
(PRESS RELEASE) AMSTERDAM/ NANTERRE/ PARIS, 16-May-2023 — /EuropaWire/ — Stellantis N.V. (STLA:EN), a leading multinational automaker and provider of innovative mobility solutions formed in 2021 by the merger of Fiat Chrysler and PSA Group, together with Faurecia, a member of the FORVIA group and Michelin have jointly announced today the signing of a binding agreement for Stellantis to acquire a 33.3% stake in Symbio, a leading provider of zero-emission hydrogen mobility solutions. Faurecia and Michelin will maintain equal shareholdings of 33.3% each.
This landmark agreement marks a significant milestone in the decarbonization efforts of the mobility industry and showcases Symbio’s exceptional expertise in hydrogen fuel cell innovation. With Stellantis joining as a shareholder, Symbio’s expansion across Europe and the United States will receive a significant boost.
“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,” said Carlos Tavares, Stellantis CEO. “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.”
Symbio’s strategic plan includes the production of 50,000 fuel cells annually by 2025. This ambitious target will be supported by their cutting-edge gigafactory in Saint-Fons, which is set to commence operations in the second half of 2023. Building on their progress, Symbio introduced the HyMotive project in 2022, aimed at accelerating industrialization and the development of disruptive innovations. The initiative positions the company to achieve a total annual production capacity of 100,000 systems in France by 2028, along with the creation of 1,000 jobs within the country.
“We are delighted with this transaction which further increases Symbio’s capabilities and will give additional momentum to the joint venture. Symbio is now perfectly equipped to scale up and expand its leadership outside Europe, at a time when the automotive industry is accelerating towards zero emissions,” said Patrick Koller, Chief Executive Officer of Faurecia. “This agreement benefits all parties and allows FORVIA to confirm its status as a global leader in clean mobility.”
“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” said Florent Menegaux, CEO of Michelin. “It is also a perfect demonstration that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use. Stellantis is already a partner of choice and will be a key player with us in the future. Finally, this transaction reinforces the conviction that Michelin has held for many years: hydrogen will be one of the unavoidable solutions for decarbonization.”
The completion of this transaction is contingent upon customary regulatory approvals. The closing of the agreement is expected to take place in the third quarter of 2023.
The collaboration between Faurecia, Michelin, and Stellantis underscores their shared commitment to advancing sustainable mobility solutions powered by hydrogen fuel cells. This strategic partnership will accelerate the adoption of zero-emission technologies and pave the way for a greener future in the transportation sector.
About Symbio
Symbio, a Faurecia & Michelin joint venture, is a leading innovative partner for mobility pioneers, with more than 30 years of experience and 6 million kilometers driven. A world reference in hydrogen fuel cell systems, Symbio combines industrial leadership and innovation excellence with entrepreneurial agility to deliver zero-emission mobility. Whether on-road or off-road, from trucks, vans, buses to logistics equipment or passenger vehicles, its wide range of compact StackPack fuel cell systems meet all requirements for power, durability and range. Symbio is a Stellantis partner in the deployment of the world’s first hydrogen-powered light commercial vehicle program. Symbio has over 700 employees committed to building a positive future, helping their customers accelerate the deployment of a clean mobility that respects our environment, our air and our health, without compromising on performance. Symbio’s H2Motive range covers all power and durability needs with single- and multi-stack systems engineered with the associated power management systems, electronic control units, cooling, air, and hydrogen loops that generate and control the electrical power. www.symbio.one
About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.
About FORVIA Faurecia
FORVIA comprises the complementary technology and industrial strengths of Faurecia and HELLA. With over 290 industrial sites and 76 R&D centers, 157,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 14,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMS worldwide. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen.www.forvia.com
About Michelin
Michelin, the leading mobility company, is dedicated to sustainably enhancing its clients’ mobility; designing and distributing the most suitable tires, services, and solutions for its clients’ needs; providing digital services, maps, and guides to help enrich trips and travels and make them unique experiences; and developing high-technology materials that serve a variety of industries. Headquartered in Clermont-Ferrand, France, Michelin is present in 175 countries, has 132,200 employees and operates 67 tire production facilities which together produced around 167 million tires in 2022. (www.michelin.com)
Media communications@stellantis.com