Michelin, the world leader in tyres and sustainable mobility, and Faurecia, a leading technology company in the automotive industry, have formalized the creation of “Symbio, A Faurecia Michelin Hydrogen Compagny”, a joint venture combining all their hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility.
A joint venture built around unique know-how
Michelin and Faurecia’s complementarity makes it possible to offer a complete range of hydrogen fuel cell systems covering all types of mobility uses. Faurecia is contributing its technological hydrogen mobility expertise and the results of R&D work carried out with the CEA (the French Atomic Energy Commission). Michelin, for its part, is contributing the know-how of its subsidiary Symbio, an equipment manufacturer supplying hydrogen fuel cell kits as well as a range of services and design and production activities.
A global ambition
Michelin and Faurecia will initially invest €140 million 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 Compagny” aims to capture 25% 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.