Chrysler, Dodge, Jeep, and Citroen parent company Stellantis announced today an agreement to acquire a 33.3% stake in hydrogen fuel cell systems company Symbio, taking an equal share in the company with joint venture partners Michelin and automotive technology provider Faurecia.

Symbio was launched in 2019 by Michelin and Faurecia with an initial €140 million investment, combining each company’s hydrogen fuel cell dedicated activities, to develop and produce hydrogen fuel cell systems for light vehicles, commercial vehicles and trucks, with a stated ambition to capture 25% market share and achieve around €1.5 billion euros in revenues by 2030. The company plans to produce 50,000 fuel cells annually by 2025, and aims for production capacity in France of 100,000 systems by 2028.

Michelin CEO Florent Menegaux said:

“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary. It is also a perfect demonstration that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use. Stellantis is already a partner of choice and will be a key player with us in the future.

The acquisition follows an agreement in July 2022 for Symbio’s €1 billion gigafactory in Saint-Fons France to support Stellantis’ objective to produce up to 10,000 hydrogen vehicles per year. Stellantis launched its Dare Forward 2030 strategic plan last year, which includes plans for 10,000 hydrogen light commercial vehicle units, including large and mid-size vans, per year by 2024.

Stellantis CEO Carlos Tavares said:

“As we push our Dare Forward 2030 plan forward and move to become carbon net zero by 2038, we are considering every technological tool at our fingertips to fight global warming. Hydrogen fuel cells are necessary, and Symbio will become a significant player in the battle to protect future generations.”

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