Stellantis bares plan to acquire stakes in Symbio

stellantis

Stellantis announced that the automotive conglomerate is planning to acquire stakes in Symbio, a hydrogen company and leader in fuel cell technologies for the mobility industry.

KEY TAKEAWAYS

  • What is the area of specialty of Symbio?

    Per Stellantis, Symbio is a company that specializes in fuel cell technologies for the mobility industry.
  • What companies own Symbio?

    According to Stellantis, Symbio is owned by Faurecia and Michelin.
  • Per the consortium, it is now starting exclusive negotiations with Faurecia and Michelin, which will result in the acquisition of a substantial stake in the company. This move will make Stellantis a significant player in zero-emission hydrogen mobility alongside existing shareholders Faurecia and Michelin.

    symbio logo

    “Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the United States (US). This move will foster the speed of development to bring low-emission products to our customers, beyond traditional electric vehicles. We’re grateful to the teams at Faurecia, Michelin, and Symbio for their commitment to innovation, excellence, and collaboration as we all work to achieve decarbonized mobility,” said Stellantis Chief Executive Officer (CEO) Carlos Tavares.

    The acquisition of the stake falls in line with Stellantis’ Dare Forward 2030 strategic plan, which includes expanding its hydrogen offering to large vans as early as 2024 in Europe and 2025 in the US while further exploring opportunities for heavy-duty trucks.

    stellantis-flags

    “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. The new setup will accelerate and globalize Symbio’s growth to the benefit of its customers,” declared Faurecia CEO Patrick Koller.

    Further, Michelin CEO Florent Menegaux commented: “Michelin is convinced that hydrogen fuel cell technology will make an effective contribution to decarbonizing mobility and even beyond. This is what led Michelin to pioneer in this technology for more than 20 years. The arrival of Stellantis in Symbio’s capital would reinforce this conviction and would catalyze the tremendous industrial momentum we have built with Faurecia.”

    The closing of the transaction is expected to occur in the first semester of 2023 and is subject to customary closing conditions, including regulatory approvals.

    Photos from Stellantis and Symbio

    Also read: 

    Stellantis to bring Ram 1500 Revolution, Peugeot Inception Concept, Dodge Charger Daytona SRT BEV at CES 2023

    Stellantis joins 5G car and traffic connectivity test in US

    Stellantis to move large platform EV production to Window, Ontario

    Read All

    Featured Articles

    Featured Cars

    • Upcoming

    Car Articles From Zigwheels

    • News
    • Article Feature
    • Advisory Stories
    • Road Test