February 7, 2023

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Stellantis in talks to acquire a “significant” stake in hydrogen mobility company Symbio By Reuters

©Reuters. FILE PHOTO: The Stellantis logo is seen on a company building in Velizy-Villacoublay near Paris, France on February 1, 2022. REUTERS/Gonzalo Fuentes/File Photo

MILAN (Reuters) – Stellantis has entered exclusive talks with French companies Faurecia and Michelin (EPA:) to acquire a “substantial” stake in their joint venture Symbio, a maker of fuel cell systems for hydrogen mobility, the three companies said on Friday.

Stellantis, the world’s third largest automaker, launched hydrogen-powered mid-size vans late last year and intends to expand its hydrogen offering to large vans in Europe in 2024 and in the US in 2025, “while continuing to explore the opportunities for heavy-duty vehicles.” become trucks”.

Chief Executive Carlos Tavares said Symbio’s technical roadmap “fits perfectly” with Stellantis’ hydrogen rollout plans in Europe and the US

“This move will boost the speed of development to offer our customers low-emission products that go beyond traditional electric vehicles,” he said in the statement.

Stellantis’ arrival “will accelerate and globalize Symbio’s growth,” said Patrick Koller, CEO of Faurecia.

Earlier this year, Symbio announced its HyMotive project to accelerate its industrialization, with a plan to increase total production capacity in France to 100,000 systems per year by 2028, while creating 1,000 additional jobs.

The transaction, for which financial details were not disclosed, is expected to close in the first half of next year, the three companies said in their statement.