Stellantis NV plans to buy a stake in hydrogen company owned by tire-maker Michelin and car-parts supplier Faurecia SE as the automaker tries to bolster its low-emissions offerings.
(Bloomberg) — Stellantis NV plans to buy a stake in hydrogen company owned by tire-maker Michelin and car-parts supplier Faurecia SE as the automaker tries to bolster its low-emissions offerings.
The maker of Fiat and Jeep vehicles will take a “substantial” stake in the Symbio business, with closing of the transaction expected for the first half of 2023, Stellantis said Friday. The company didn’t disclose terms.
“This move will foster the speed of development to bring low-emission products to our customers, beyond traditional electric vehicles,” Stellantis Chief Executive Officer Carlos Tavares said in a statement.
Symbio, which has around 600 employees and specializes in fuel cell systems, is already a Stellantis partner to deploy light commercial vehicles running on hydrogen. The carmaker plans to offer larger hydrogen vans as early as 2024 in Europe and the following year in the US, and also explore hydrogen opportunities for heavy-duty trucks.
The European Union and individual members states have pledged billions of euros in subsidies to help companies scale up output of clean hydrogen, seen as key to cutting emissions from transport and industries such as refining. The recent spike in power and gas prices also contributed to calls for more diversified energy sources.
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