Michelin sells partial stake to Stellantis in Symbio JV

CLERMONT-FERRAND, France—Michelin has completed the sale of part of its shareholding in hydrogen fuel cell mobility joint venture Symbio to Stellantis.

Completed on July 27, the deal gives Stellantis an equal stake alongside Michelin and Faurecia S.E. in the company: each shareholder holding 33.33 percent ownership.

The deal is a "step towards the decarbonization of the mobility industry and illustrates Symbio's technological (capabilities) in hydrogen fuel cell innovations," Michelin said in a statement. The addition of Stellantis as a shareholder will boost Symbio's development across Europe and in the U.S.

This sale reflects "the remarkable value development of Symbio since the JV started operating in 2020," the tire maker added, noting that "it will contribute €150 million (about $165 million) to the group's cash."

Among the main strategic programs for hydrogen fuel cell stacks supplier Symbio, is a project to invest $1 billion to help develop the hydrogen energy industry across France. The project, to be conducted in two phases by 2028, will accelerate the industrialization and mass-production of its current-generation fuel cell systems, Symbio said last October.

Phase I will establish "one of the largest fuel cell system production sites in Europe," according to the joint venture. The plant—dubbed a "gigafactory"—in Saint-Fons will have the capacity of produce 50,000 systems a year and will support automotive customers, particularly Stellantis, which aims to produce up to 10,000 hydrogen vehicles by 2024.

In the second phase, the operation will develop and industrialize a new generation of innovative fuel cell systems at "drastically" reduced unit production costs.

With the second-phase "gigafactory," Symbio said its production capacity in France will reach 100,000 systems by 2028.