Stellantis Targets US with Planned Hydrogen Fuel Cell Acquisition
Stellantis is hoping to accelerate its global capabilities in hydrogen fuel cell powertrains with the acquisition of a leading French hydrogen technology company.
Faurecia, Michelin and Stellantis have jointly announced starting negotiations for Stellantis to acquire a substantial stake in Symbio to become a significant player along with existing shareholders Faurecia and Michelin. The automaker is already a frontrunner in hydrogen mobility having launched mid-size vans in late 2021. The company is pursuing an aggressive ambition as part of the 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.
In October 2022, Symbio announced its HyMotive project to accelerate its industrialization and disruptive innovation, which claims to be able to 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. 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.
Stellantis CEO Carlos Tavares, said: “Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the 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.”
— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_
