Faurecia and Michelin to create ‘global leader’

News stories are free to read. Click here for full access to all the features, articles and archive from only £2.99.

Michelin, a world-leader in tyres and sustainable mobility, and Faurecia, technology leader in the automotive industry, have signed a memorandum of understanding to create a joint venture bringing together all of Michelin’s fuel cell-related activities – including its subsidiary Symbio – with those of Faurecia.

Michelin
The agreement between Michelin and Faurecia was signed in the presence of Agnès Pannier-Runacher, Secretary of State at the French Ministry for Economy and Finance. FAURECIA

The French joint venture will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications.

Faurecia and Michelin are convinced of the importance of hydrogen technology in tomorrow’s world of zero emissions mobility and of the need to create a strong French and European hydrogen industrial sector. The two companies aim to create a world-leader in hydrogen fuel cell systems through combining existing and complementary assets from both partners in the joint venture. This will enable the joint venture to immediately offer a unique range of hydrogen fuel cell systems for all use cases.

For electric vehicles, fuel cell technology complements battery technology, especially in those use cases requiring very intense use and greater autonomy. Furthermore, fuel cell technology has recently been selected by the European Union as one of Europe’s six Important Projects of Common Interest.

Michelin’s contribution to this joint venture will be the activities of Symbio – a Group subsidiary since 1 February 2019 and a supplier of hydrogen fuel cell systems associated with a range of digital services – as well as research and development and production activities.

Faurecia will contribute the technological fuel cell expertise it has developed through a strategic partnership with the CEA (French Alternative Energies and Atomic Energy Commission), its industrial know-how and its strategic relationships with car manufacturers. Faurecia will continue its development of high-pressure hydrogen tanks in partnership with Stelia Aerospace Composites, which will also benefit from the joint venture.

The cooperation between Michelin and ENGIE, a global energy and services group, for the development of a hydrogen ecosystem, in particular in the field of hydrogen mobility, will also benefit from the joint venture.

The agreement between Michelin and Faurecia is subject to the approval of the competent merger authorities.

 

You can read more International News here: cbwmagazine.com/category/international