Michelin, Faurecia and soon also Stellantis. The group born from the merger between Fiat-Chrysler and PSA Peugeot Citroën at the beginning of 2021 entered into “exclusive negotiations” in order to take a stake in the capital of Symbio, a joint venture between Faurecia and Michelin in the field of hydrogen, the interested parties said on Friday in a joint press release.
Deployment in the United States and Europe
The automaker announced this Friday that it had started “exclusive negotiations as of today”, the objective of which is to allow it to “participate in the capital of Symbio, a leader in zero-emission hydrogen mobility” and “play an important role” in this area with Michelin and Faurecia, the current shareholders. Closing on the transaction is expected to take place in the first half of 2023, the parties say.
“Symbio’s technology roadmap fits perfectly with Stellantis’ plans for the deployment of hydrogen solutions in Europe and the United States,” Stellantis CEO Carlos Tavares said in the statement. This will allow the automaker to “accelerate the development and commercialization of low-emission products for our customers, in addition to traditional electric vehicles,” according to Carlos Tavares.
“This new configuration will allow Symbio to accelerate its growth” and strengthen its presence, also estimated the general manager of Faurecia, Patrick Koller. For the president of Michelin, Florent Menegaux, the entry of Stellantis into the capital of Symbio “would allow us to accelerate the tremendous industrial boost that we have given with Faurecia.”
Produce 100,000 systems in France by 2028
Symbio aims to achieve a total annual production capacity in France “of 100,000 systems by 2028 with the creation of 1,000 jobs” in the territory. Therefore, the transaction would allow the company to “accelerate its development by relying on Stellantis’ leadership in the European and American automotive markets,” the parties note.
Stellantis declared at the beginning of the week that it wanted to be self-sufficient in terms of energy in 50% of its European sites by 2025. By multiplying projects in wind, geothermal or solar energy, the group that brings together Peugeot-Citroën and Fiat-Chrysler intends to reduce its invoice and its carbon footprint, in parallel to the electrification of its ranges.
Source: BFM TV
