Stellantis to acquire ‘equal stake’ in fuel cell maker Symbio

Paris – Automotive major Stellantis is to acquire a 33.3% stake in Symbio, a joint venture company by Michelin and Faurecia for the manufacture hydrogen fuel cells.

Faurecia and Michelin, which initially launched Symbio in 2019, will remain shareholders with 33.3% holding each.

The transaction, expected to be completed in the third quarter of 2023, is part of Stellantis’ strategy to ‘decarbonise the mobility industry’, said the three companies in a joint statement 16 May.

The addition of Stellantis as a shareholder will also boost Symbio’s development across Europe and the US, it added.

In particular, the acquisition will help Stellantis strengthen its production of fuel cell vans in France.

“It also serves as a perfect complement to our growing battery electric vehicle portfolio,” said Carlos Tavares, Stellantis CEO.

The automotive group, which was formed in 2021 with the merger of Fiat Chrysler Automobiles and the French PSA Group, has been pursuing hydrogen mobility and launched its first “mid-size vans” in late 2021.

As part of its “Dare Forward 2030” strategic plan, the group is expanding hydrogen offering to large vans as early as 2024 in Europe and 2025 in the US, while further exploring opportunities for heavy-duty trucks.

Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons “gigafactory”, set for operation in the second half of 2023.

Last year, the company unveiled its €1 billion ‘HyMotive project’, which aims to speed up the industrialisation and the development of hydrogen fuel cells.

To be conducted in two phases by 2028, HyMotive will accelerate the mass-production of Symbio’s current-generation fuel cell systems and the completion of Saint-Fons factory at the initial stage.

In the second phase, HyMotive will develop and industrialise a new generation of innovative fuel cell systems, built on "disruptive technology".

"The new generation cells will boost Symbio’s 'StackPack' performance while drastically reducing” unit cost, stated Symbio.

With the second-phase “gigafactory”, Symbio said its production capacity in France will reach 100,000 'StackPacks' per year by 2028.