Faurecia and Michelin to create a global leader in hydrogen mobility
Michelin, world leader in tyres and sustainable mobility, and Faurecia, technology leader in the automotive industry, announced the signature of a Memorandum of Understanding to create a joint venture bringing together all of Michelin’s fuel cell related activities – including its subsidiary Symbio – with those of Faurecia.
Symbio, a Faurecia Michelin hydrogen company will be owned equally by Faurecia and Michelin. This French joint venture will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications.
The two companies aim to create a world leader in hydrogen fuel cell systems through combining existing and complementary assets from both partners in the joint-venture. This will enable the joint venture to immediately offer a unique range of hydrogen fuel cell systems for all use cases.
For electric vehicles, fuel cell technology complements battery technology, especially in those use cases requiring very intense use and greater autonomy.
Michelin’s contribution to this joint venture will be the activities of Symbio – a Group subsidiary since 1 February 2019 and a supplier of hydrogen fuel cell systems associated with a range of digital services – as well as research & development and production activities.
Faurecia will contribute the technological fuel cell expertise it has developed through a strategic partnership with the CEA, its industrial know-how and its strategic relationships with car manufacturers.