Dutch automotive firm Stellantis, which has been making a big push into e-mobility in recent years, plans to acquire a substantial stake in France-based zero-emission hydrogen mobility company Symbio.
Symbio is a joint venture firm between automotive supplier Faurecia and tire manufacturer Michelin. Fuel cells work by converting a fuel, such as H2 or methane gas, into electricity via an electrolyzing process.
Stellantis says it has already begun exclusive negotiations with Faurecia and Michelin and expects to close the transaction in the first half of 2023, subject to regulatory approvals and customary closing conditions.
“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the U.S.,” said Stellantis CEO Carlos Tavares. “This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles. We’re grateful to the teams at Faurecia, Michelin and Symbio for their commitment to innovation, excellence, and collaboration as we all work to achieve decarbonized mobility.”
“The new setup will accelerate and globalize Symbio’s growth to the benefit of its customers,” Patrick Koller, CEO of Faurecia, said.
Symbio recently launched its HyMotive project to fast-track its industrialization and development of fuel cell systems. The company says the project will create 1,000 additional jobs and increase its total annual production capacity in France to 100,000 systems by 2028.
Symbio plans to unveil its updated StackPacks fuel cell technology at the next CES electronics event in Law Vegas. The company saysthat the StackPacks will cover a power range of 40 kW to 300 kW.
Headquartered in Amsterdam, Stellantis was formed in 2021 following the merger of Fiat Chrysler Automobiles with PSA Group.
Earlier this month, Stellantis announced that production of its new M3 electric motors would rise to more than 1 million by the end of 2024. The company is planning produce 12 electric vehicle models in France over the coming years.
Despite the worldwide promise toward transportation electrification via batteries, the global H2 fuel cell vehicle market could more triple to $6.4 billion by 2027, according to forecasts from ResearchandMarkets.