Michelin and Faurecia invest 140 million euros in Symbio hydrogen mobility JV
Following the establishment of their hydrogen mobility joint venture in March 2019, Michelin and Faurecia have reported that they have formalized the establishment of “Symbio, A Faurecia Michelin Hydrogen Company”. According to the two companies “Symbio, A Faurecia Michelin Hydrogen Company” combines all their hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility.
Michelin and Faurecia will initially invest 140 million euros in the joint venture in order to “accelerate the development of new-generation fuel cells, launch mass production and increase business in Europe, China and the United States”.
“Symbio, A Faurecia Michelin Hydrogen Company” specifically aims to capture 25 per cent market share and achieve a turnover of around 1.5 billion euros by 2030. The joint venture will eventually have three industrial sites supplying the world’s main automotive markets: Europe, Asia and the United States.
Electric mobility demand is expected to increase significantly between now and 2030, with hydrogen powered vehicles accounting for 2 million vehicles of which 350,000 trucks. As the only zero emission solution that complements battery-powered electric cars, hydrogen technology is essential in accelerating the deployment of electromobility and addressing its three major challenges: improving air quality, reducing CO2 emissions and the energy transition.
Equally owned by the two groups, “Symbio, A Faurecia Michelin Hydrogen Company” will be governed by Michelin, Faurecia and Symbio (Michelin’s existing hydrogen fuel cell subsidiary) executives with significant experience in the automotive industry and in managing a fast-growing business. As a result, Fabio Ferrari has been appointed Chief Executive Officer, while Guillaume Salvo, formerly Director of the Light Vehicle Product Line at Faurecia, has been appointed Chief Operating Officer.
Built around a unique ecosystem, this joint venture is tasked with developing, producing and marketing hydrogen fuel cell systems for light vehicles, commercial vehicles and trucks as well as for other areas of electromobility. While the JV emphasises the complementarity of the two partners, for its part Faurecia is said to be contributing its technological hydrogen mobility expertise and the results of R&D work carried out with the CEA (the French Atomic Energy Commission).