Faurecia Michelin Group Announces Memorandum of Understanding for Cooperation
SYMBIO is a hydrogen energy company jointly established by Faurecia and Michelin. Both parties will hold shares in the company. Based on a unique ecosystem, the French joint venture will develop, produce and market hydrogen fuel cell systems for light vehicles, special vehicles, trucks and other applications.
Faurecia and Michelin fully recognize the importance of hydrogen energy technology for achieving future global zero-emission travel and the need to build a strong French and even European hydrogen energy industry. The two parties are committed to cooperating to establish a world-leading hydrogen fuel system joint venture. Through the integration of existing resources and complementary assets, the joint venture company will be able to provide a series of hydrogen fuel cell systems for all use cases in the short term.
For electric vehicles, fuel cell technology is a powerful complement to power battery technology, especially in use cases that require more intensive use and more autonomy. Not only that, but fuel cell technology is also recently listed by the European Union as one of Europe's six important Common Interests projects (Important Projects of Common Interest).
Michelin will contribute to the joint venture through Symbio's business. Symbio has been a subsidiary of the Michelin Group since February 1, 2019. It is a supplier of hydrogen fuel cell systems and related digital services, covering R&D and production activities.
Through its strategic partnership with the French Alternative Energy and Atomic Energy Commission (CEA), expertise and strategic partnerships with OEMs, Faurecia will help joint ventures develop their fuel cell expertise. Faurecia will continue to work with Stelia Aerospace Composites to build high-pressure hydrogen storage tanks that will benefit the joint venture.
Michelin and the global energy and services group ENGIE will cooperate in the hydrogen energy ecosystem, especially in the field of hydrogen energy, and will also benefit the joint venture.
On March 11, 2019, under the witness of the French Secretary of State for Agnès Pannier-Runacher, Michelin signed a cooperation agreement with Faurecia. This cooperation has been approved by the M&A authorities.
Florent Menegaux, managing partner of the Michelin Group and the next president, said: "This innovative cooperation will promote the rise and development of hydrogen energy travel: it has opened up a new sustainable mode of travel. I am very happy with the Michelin and Buddha. Gia has reached a partnership and will be included in our strategic asset, Symbio. Our ultimate goal is to provide hydrogen fuel vehicles with complete solutions from fuel cells to maintenance services."
Faurecia Group CEO Patrick Koller said: "I am very pleased that Faurecia and Michelin have signed this strategic cooperation agreement, and we are committed to building a world-leading hydrogen energy travel company. The two sides have a consistent vision. Complementing each other's technical expertise will speed up the introduction of efficient fuel cell systems to the market and apply to different use cases. Our common ambition is to create a superior technology center for hydrogen energy travel in France through the gradual integration of business activities. â€
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