Michelin, Forvia and Stellantis have agreed on a restructuring and refinancing package for their hydrogen fuel cell JV Symbio, following months of uncertainty over its future.

The three companies each hold a 33% share in Symbio and have jointly endorsed a plan that sharply reduces the size of the business and refocuses its activities.

The move follows Stellantis’ decision in July to halt its hydrogen fuel cell technology programme and formally end its role as a customer for all hydrogen-related activities.

The carmaker had previously represented roughly 80% of Symbio’s business volumes, leaving the JV heavily exposed when the programme was dropped.

Symbio said: "The challenge for Symbio is to adapt its strategy and organisation to its new scope of activity."

Under the new plan, Symbio will cut its workforce to 175.

Management framed the restructuring as necessary for the company’s survival.

Jean-Baptiste Lucas, CEO of Symbio, said: “The pursuit of our business requires a profound and difficult transformation,” adding that the company would “ensure that the transition process and the human support that results from it are exemplary.”

Despite the downsizing, Symbio intends to maintain and develop its core hydrogen technologies.

The company will continue work on its 75kW fuel cell system, targeting applications in buses, coaches and data centres, and plans to increase output at its SymphonHy gigafactory in Saint-Fons.

"The goal is to reach a production capacity of 10,000 systems per year by 2028-2030 at the SymphonHy site in Saint-Fons," the company said.

Symbio is also pursuing research and development on a 150kW next-generation fuel cell system for heavy-duty vehicles, with a potential commercial roll-out envisaged around 2030.