The Stellantis Group has announced that it will take 33% of Symbio sharesa joint venture specializing in hydrogen fuel cells owned by equipment manufacturers Michelin and Faurecia, which will also retain a third of the company.

The three companies have signed an agreement that will allow Stellantis to strengthen its presence in Europe and the United States. Stellantis did not disclose the financial details of the transaction, but Forvia, the company that unites Faurecia and Germany’s Hella, announced that it will receive a total of 150 million euros after the transaction.

Carbon neutrality goal in 2038 for Stellantis

“This equal stake in Symbio will strengthen our leading position in the field of hydrogen vehicles and support our production of fuel cells in France. This offering will be a great addition to our growing portfolio of electric models.”– said Carlos Tavares, boss of Stellantis.

“As part of the full rollout of our Dare Forward 2030 plan and on our way to becoming carbon neutral by 2038, we are looking at all the technological solutions at our disposal to combat global warming. Hydrogen fuel cells are essential and Symbio will be an important player in this fight to protect future generations. »

Stellantis Utilities Hydrogen?

Symbio plans to produce 50,000 hydrogen fuel cells per year by 2025in particular at the plant that will be opened in Saint-Font (Rhône) in the second half of 2023. The joint venture also aims to “total annual production capacity of 100,000 systems in France by 2028”which will cause “Creation of 1000 jobs”.

Florent Menego, President of Michelin, emphasized the importance of hydrogen fuel cells for the electrification of the mobility sector, especially for commercial vehicles. The deal is expected to close in the third quarter of 2023, subject to customary regulatory approvals, according to Stellantis, which announced negotiations for this entry into the capital in late December 2022.