stellantis takes a new step in the field ofhydrogen. The group has entered into exclusive negotiations to acquire a "significant stake" in the capital of symbio, a company specialized in fuel cell systems and therefore active in the sector of zero-emission hydrogen mobility. Stellantis will join Michelin and Faurecia, current shareholders of the company born in 2010 through an agreement between j between the multinational tire company and the French component manufacturer.
The transaction is expected to close in early 2023 and is subject to customary closing conditions, including regulatory approvals.
Il Stellantis title in Piazza Affari today it is quoted at 13,16 euros, up by 0,27%.
Stellantis joins Symbio, Tavares: with this step the development of hydrogen technology will be speeded up
The operation will allow to stellantis to strengthen ties with symbio and accelerate growth strategies in the field of hydrogen fuel cells: in the last months of 2021 the first medium-sized vans equipped with fuel cells developed with the French company were launched, but the goal is to expand the offer to large light commercial vehicles from 2024 in Europe and from 2025 in the United States, as well as to evaluate expansion opportunities in heavy equipment.
“The roadmap of symbio for the technical aspects it fits perfectly with the plans of Stellantis related to the hydrogen mobility in Europe and the United States,” he said Carlos Tavares, CEO of Stellantis, underlining that “this step will speed up the development of this technology, which will allow us to offer our customers new low-emission products in addition to traditional electric vehicles”. Tavares said he was grateful “to the teams of Faurecia, Michelin and Symbio for their commitment to innovation, excellence and collaboration; we are all working to achieve the goal of decarbonised mobility”.
In strategic plan Dare Forward 2030, Stellantis plans to expand its hydrogen vehicle offering to large vans starting in 2024 in Europe and 2025 in the United States. In this way stellantis shows the intention to study further opportunities in the heavy vehicle sector, left behind, because considered unprofitable, after the separation from Iveco.
What does Symbio do?
In October 2022 symbio presented the HyMotive project which should make it possible to develop its production capacity in France up to 100.000 systems per year by 2028, with the consequent creation of 1000 jobs in France. The hydrogen engines will be destined for commercial vehicles and heavy vehicles: they promise to recharge in 3-5 minutes and to guarantee a range of 1000 kilometers without producing CO2 emissions. "This transaction will allow Symbio to further develop by leveraging Stellantis' leadership position in the European and US automotive markets," the company said in a statement.
“By acquiring a stake in Symbio, Stellantis validates Michelin and Faurecia's approach to creating a global leader in zero-emission mobility. The new facility will accelerate and globalize Symbio's growth for the benefit of customers,” he said Patrick Koller, Faurecia CEO.
Florent Menegaux, CEO of Michelin said: “Michelin is convinced that hydrogen fuel cell technology will contribute substantially to the decarbonisation of mobility and beyond. This is what has driven Michelin to operate in this area with a pioneering spirit for over 20 years. Stellantis' entry into Symbio's equity would reinforce this belief and serve as a catalyst for the tremendous industry momentum we have created with Faurecia."
