Stellantis wants to buy stake in Symbio project
2022.12.23 03:06
Stellantis wants to buy stake in Symbio project
Budrigannews.com – Stellantis has entered select discussions with France’s Faurecia and Michelin (EPA:) to acquire a “substantial” stake in their Symbio joint venture, a hydrogen mobility fuel cell system manufacturer, the three companies announced on Friday.
Stellantis, the world third-biggest carmaker, sent off hydrogen-fueled medium size vans before the end of last year and means to extend its hydrogen proposition to huge vans in Europe in 2024 and in the U.S. in 2025, “while further investigating potential open doors for substantial trucks”.
“This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles,” he said in the statement. Chief Executive Carlos Tavares said that Symbio’s technical roadmap matched Stellantis’ plans to roll out hydrogen in Europe and the United States “perfectly.”
Patrick Koller, CEO of Faurecia, stated that Stellantis’ entry “will accelerate and globalize Symbio’s growth.”
Symbio announced its HyMotive project earlier this year to accelerate industrialization. By 2028, the project aims to double France’s production capacity to 100,000 systems per year and create 1,000 new jobs.
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The three businesses stated in their statement that the transaction—for which no financial details were provided—is anticipated to be completed in the first half of the following year.
