Stellantis acquires stake in hydrogen technologist Symbio
Stellantis is increasing the pace in the development of zero-emission drive systems with a direct investment: the carmaker is acquiring a third of the shares in fuel cell specialist Symbio. An agreement to this effect has now been signed with the two founding companies Faurecia and Michelin.
According to Stellantis, the agreement marks an important step in the decarbonization of the mobility industry and reflects Symbio’s technological excellence in hydrogen fuel cell innovations. Having Stellantis as a shareholder will add momentum to Symbio’s development in Europe and the U.S., shareholders estimate.
Symbio plans to manufacture 50,000 fuel cells per year at its Gigafactory in Saint-Fons, France, by 2025. The plant is scheduled to start production in the second half of 2023. By 2028, the shareholders want to further expand production capacity to 100,000 systems per year. This is expected to create 1,000 new jobs in France.
“Acquiring a stake equal to the other shareholders in Symbio will support our leadership position in hydrogen-powered vehicles by strengthening production in France,” said Stellantis CEO Carlos Tavares. “In addition, the transaction is also a perfect complement to our growing portfolio of battery electric vehicles. As part of its “Dare Forward 2030” plan, Stellantis is working toward becoming CO2 neutral by 2038. To that end, Tavares said his company is considering every available technological tool available to combat global warming. “Hydrogen fuel cells are necessary and Symbio will become a key player in the fight to protect future generations,” the Stellantis boss said.
The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.
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Stellantis introduces fuel cell drive for light trucks
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