Stellantis in negotiations for stake in hydrogen company Symbio
The maker of Jeep and Ram vehicles is negotiating to take a significant stake in Symbio, a company focused on hydrogen-powered vehicles.
Stellantis on Friday said it has begun negotiations with Symbio's joint venture partners, auto supplier Faurecia of the Forvia Group and the Michelin Group, a tire manufacturer. Hydrogen technology offers a zero-emission alternative to fully electric powertrain options with quick refuel times, though like EVs, needs a buildout of infrastructure. The deal is expected to close during the first part of 2023 and is subject to regulatory approvals.
"Symbio's technical roadmap perfectly matches with Stellantis' hydrogen roll-out plans in Europe and in the U.S.," Stellantis CEO Carlos Tavares said in statement. "This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles."
French automaker Groupe PSA had a minority ownership of Faurecia when it merged with Fiat Chrysler Automobiles NV to create Stellantis, but those shares were distributed to shareholders as a part of the deal. Last year, the automaker launched in Europe hydrogen-powered commercial vans with Faurecia's powertrain technology. The option is expanding to large vans in as early as 2024 and is expected to come to the United States in 2025. The company also is exploring its use for heavy-duty trucks.
Symbio in October announced its "HyMotive" project to increase production capacity in France to 100,000 systems per year by 2028, a move that would create 1,000 additional jobs.
"By the intention of acquiring a stake in Symbio, Stellantis confirms the robustness of Michelin and Faurecia's approach to creating a global leader in zero-emission mobility," Faurecia CEO Patrick Koller said in a statement. "The new setup will accelerate and globalize Symbio's growth to the benefit of its customers."
Michelin CEO Florent Menegaux said partnership offers credence to the technology on which the company has been developing for more than two decades.
In October 2022, Symbio announced its HyMotive project to accelerate its industrialization and disruptive innovation, which will increase its total production capacity in France to 100,000 systems per year by 2028 while generating 1,000 additional jobs. This transaction enables Symbio to expand its development by capitalizing on Stellantis' leadership in the European and American automotive markets.
