Stellantis (NYSE:STLA) plans to acquire stake in Symbio, a Faurecia Michelin hydrogen company in fuel cell technologies for mobility industry.
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.
Closing of the transaction is expected to occur in the first semester of 2023.
“Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the U.S. 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.” commented CEO Carlos Tavares.
Image and article originally from seekingalpha.com. Read the original article here.