Stellantis (STLA) confirmed Friday the 33.3% purchase of zero-emission hydrogen mobility company, Symbio. The automaker joins Forvia and Michelin as equal shareholders in the company.
The announcement marks a significant milestone in advancing the decarbonization of the mobility industry, showcasing Symbio's exceptional technological prowess in hydrogen fuel cell innovations. With Stellantis becoming a shareholder, Symbio's expansion throughout Europe and the U.S. will receive a substantial boost.
By acquiring an equal stake in Symbio, Stellantis further solidifies its leadership in hydrogen-powered vehicles, providing crucial support for fuel cell van production in France. This move also seamlessly complements the Company's expanding battery electric vehicle portfolio.
Stellantis CEO, Carlos Tavares said back in May, “Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France."
The three groups entered exclusive talks about the deal in December last year.
Stellantis, the third-largest carmaker in the world based on sales, introduced hydrogen-powered mid-size vans last year. Looking ahead, the company aims to broaden its hydrogen offerings to include large vans in Europe by 2024 and in the U.S. by 2025.
Shares of STLA are up 3.61% in afternoon trading on Friday.
By Michael Elkins | Michael.Elkins@streetinsider.com