Stellantis agrees to acquire 33.3% of Symbio

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Stellantis agrees to acquire 33.3% of Symbio
Credit: © Reuters.

Automaker, Stellantis (NYSE: STLA ) on Tuesday, made an announcement regarding its partnership with Faurecia (EPA: EPED ) and Michelin (EPA: MICP ). They have signed a binding agreement wherein Stellantis will acquire a 33.3% stake in Symbio, a prominent company specializing in zero-emission hydrogen mobility. Faurecia and Michelin will continue to be shareholders, each holding a 33.3% stake in Symbio.

This announcement marks a notable milestone in the efforts to decarbonize the mobility industry and showcases Symbio's exceptional expertise in hydrogen fuel cell advancements. With Stellantis coming on board as a shareholder, Symbio's growth will receive a substantial boost, both in Europe and the United States.

“Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery-electric vehicle portfolio,” said Carlos Tavares, Stellantis CEO. “As we push our Dare Forward 2030 plan forward and move to become carbon net zero by 2038, we are considering every technological tool at our fingertips to fight global warming. Hydrogen fuel cells are necessary, and Symbio will become a significant player in the battle to protect future generations.”

Symbio has a goal of manufacturing 50,000 fuel cells annually by 2025, utilizing its cutting-edge gigafactory in Saint-Fons. The production at this state-of-the-art facility is scheduled to commence in the second half of 2023.

Symbio previously introduced its HyMotive project in 2022, which aims to expedite industrialization and foster the development of groundbreaking innovations. Through this initiative, the company envisions achieving a total annual production capacity of 100,000 systems in France by 2028, ultimately generating 1,000 employment opportunities within the country.

“We are delighted with this transaction, which further increases Symbio's capabilities and will give additional momentum to the joint venture. Symbio is now perfectly equipped to scale up and expand its leadership outside Europe, at a time when the automotive industry is accelerating toward zero emissions,” said Patrick Koller, Chief Executive Officer of Faurecia. “This agreement benefits all parties and allows FORVIA to confirm its status as a global leader in clean mobility.”

“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” said Florent Menegaux, CEO of Michelin. “It is also a perfect demonstration that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use. Stellantis is already a partner of choice and will be a key player with us in the future. Finally, this transaction reinforces the conviction that Michelin has held for many years: hydrogen will be one of the unavoidable solutions for decarbonization.”

Shares of STLA are down 1.55% in morning trading on Tuesday.

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