Michelin and Faurecia have inked a Memorandum of Understanding to create a joint venture bringing together the French tyre manufacturer’s fuel cell related activities – including its subsidiary Symbio – with those of its fellow supplier.
Symbio will be owned equally by Faurecia and Michelin. The French joint venture will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications.
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Fuel cell technology has recently been selected by the EU as one of Europe’s six Important Projects of Common Interest.
Michelin’s contribution to the joint venture will be the activities of Symbio – a Group subsidiary since 1 February 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, industrial know-how and relationships with car manufacturers. Faurecia will continue its development of high-pressure hydrogen tanks in partnership with Stelia Aerospace Composites, which will also benefit the joint venture.
The cooperation between Michelin and Engie, a global energy and services group, for the development of a hydrogen ecosystem, in particular in the field of hydrogen mobility, will also benefit the joint venture.
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By GlobalDataThe operation is subject to the approval of the competent merger authorities.
