On November 21, Faurecia and the global tire technology and sustainable travel leader Michelin Group announced the formal establishment of a hydrogen energy travel joint venture SYMBIO. Through the integration of the existing hydrogen fuel cell businesses of the two parties, the joint venture will aim to become a global leader in the field of hydrogen energy travel.
The French joint venture is based on a unique ecosystem and will focus on the development, production and sale of hydrogen fuel cell systems for light vehicles, commercial vehicles and trucks, and other applications.
Joint venture based on unique expertise
Michelin and Faurecia complement each other's resources, enabling the joint venture to provide a full range of hydrogen fuel cell systems covering all forms of travel use. Faurecia will provide expertise in the field of fuel cells and technical results developed in cooperation with the French Alternative Energy and Atomic Energy Commission (CEA). The Michelin side, through its subsidiary, equipment manufacturer Symbio, will use its expertise to provide hydrogen fuel cell packages and a range of services, design and production activities.
Global goals
Michelin and Faurecia initially invested 140 million euros in the joint venture to accelerate the development of next-generation fuel cells, start mass production and expand their operations in Europe, China and the United States. As a hydrogen energy company jointly established by Faurecia and Michelin, SYMBIO aims to acquire a 25% market share by 2030 and achieve a turnover of about 1.5 billion euros. The joint venture company will establish three production bases in Europe, Asia and the United States to meet the needs of customers in major global automotive markets.
From now to 2030, demand for electric vehicles is expected to increase significantly, with 2 million passenger cars and 350,000 trucks using hydrogen energy. As the only solution that achieves zero emissions and can complement power battery electric vehicles, hydrogen technology is critical to accelerating the development of the electric vehicle industry and can solve three major challenges: improving air quality, reducing carbon dioxide emissions, and increasing energy conversion.
Professional joint management team
SYMBIO is a joint venture established by Faurecia and Michelin, and the two parties hold the company's shares on an equal basis. The company's management committee will consist of executives from Michelin, Faurecia and Symbio, who have extensive experience in the automotive industry and can drive rapid business growth. Fabio Ferrari has been named CEO of the joint venture, and Guillaume Salvo, formerly Faurecia ’s light vehicle product line director, has been named chief operating officer.
Florent Menegaux, President of the Michelin Group, said: "The development of hydrogen energy travel perfectly reflects Michelin's growth goals, especially in the field of high-tech materials. The strategy itself is part of Michelin's vision for sustainable mobility. We are pleased to work with industry leader Foggy Asia officially entered into a partnership, which is in line with our goals and vision. "
Patrick Koller, CEO of Faurecia Group, said: "Faurecia and Michelin formally established a joint venture for hydrogen energy travel, which is another important step in Faurecia's strategy to become a global leader in hydrogen energy systems. Complementing the advantages of the business model and relying on the innovation ecosystem to achieve integration to meet the growing needs of customers and consumers will help Faurecia bring affordable zero-emission technologies to the market quickly. "
Fabio Ferrari, CEO of the joint venture company SYMBIO, said: "Symbio was founded ten years ago and is committed to creating a world of freedom of travel and zero emissions. Today, Faurecia and Michelin formally established the joint venture company SYMBIO, demonstrating that both parties share the same vision. Hydrogen energy is a powerful driving force. "
The joint venture company SYMBIO released a new corporate logo and visual image, conveying the common aspirations of the shareholders of both parties: to maintain the original intention of the company, and further build SYMBIO into a well-known leader in the field of hydrogen energy travel.