Automotive technology company Faurecia and tyre manufacture Michelin have signed a Memorandum of Understanding to create a joint venture focused on hydrogen mobility.
Symbio, a Faurecia Michelin hydrogen company will be equally owned by the two French companies, and will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications.
“This innovative partnership will facilitate the emergence and development of hydrogen mobility: it opens the way to a new form of sustainable mobility,” said Florent Menegaux, General Managing Partner and future President of the Michelin Group.
“I welcome the alliance between Michelin and Faurecia, incorporating our strategic asset Symbio. The ultimate aim is to develop a complete mobility offer for hydrogen vehicles, from fuel cells to maintenance services.”
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, enabling the joint venture to immediately offer a range of hydrogen fuel cell systems.
To the joint venture, Michelin will contribute all the activities of Symbio, a group subsidiary since February (2019) and a supplier of hydrogen fuel cell systems associated with a range of digital services, as well as research and development and production activities.
Faurecia will contribute the technological fuel cell expertise it has developed through its partnership with the CEA, its industrial know-how and its strategic relationships with car manufacturers.
“I am very pleased to have signed this strategic agreement with Michelin with a view to creating the world leader in hydrogen mobility,” said Patrick Koller, CEO of Faurecia.
“Our shared vision, as well as the complementarity of our technological know-how, will accelerate the market launch of efficient fuel cell systems adapted to different use cases. Our joint ambition is to create a centre of excellence for hydrogen mobility in France through gradual combination of our activities.”
The cooperation between Michelin and ENGIE for the development of a hydrogen ecosystem, in the particular field of hydrogen mobility, will also benefit from the joint venture.
Faurecia will continue the development of high-pressure hydrogen tanks in partnership with Stelia Aerospace Composites, which will also benefit from the joint venture.