Automotive technology company Faurecia and tyre manufacturer Michelin have formalised the creation of Symbio, a Faurecia Michelin hydrogen company.
Announced earlier this month, the new joint venture will combine the two company’s hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility.
“The formal creation of our joint venture with Michelin is another important step in Faurecia’s strategy to become a world leader in hydrogen systems,” said Patrick Koller, CEO of Faurecia.
In order to accelerate the development of new-generation fuel cells, launch mass production and increase business in Europe, China and the US, Michelin and Faurecia will initially invest €140m in the joint venture.
In the future, the joint venture hopes to have three industrial sites supplying the world’s main automotive markets of Europe, Asia and the US.
“The development of hydrogen mobility is a perfect illustration of Michelin’s growth ambitions, particularly in the field of high-tech materials,” said Florent Menegaux, Michelin Group President.
“This strategy is itself part of a broader vision of more sustainable mobility made widely accessible. The partnership formalised today with a major player such a Faurecia fully embodies this twofold ambition.”
Equally owned by the two companies, Symbio, a Faurecia Michelin hydrogen company, will be governed by Michelin, Faurecia and Symbio executives with significant experience in the automotive industry and managing a fast-growing business.
Fabio Ferrari has been appointed as CEO of Symbio, while Guillaume Salvo, formerly Director of the Light Vehicle Product Line at Faurecia has been appointed as Chief Operating Officer.
“I founded Symbio almost ten years ago to work towards a world where the freedom to move comes with zero emissions. By creating this joint venture, Michelin and Faurecia are demonstrating that they too share this vision. There is no more powerful energy moving forward,” said Ferrari.