Michelin, Forvia, Stellantis seal restructuring deal for Symbio

Michelin, Forvia and Stellantis person agreed connected a restructuring and refinancing bundle for their hydrogen substance compartment JV Symbio, pursuing months of uncertainty implicit its future.

The 3 companies each clasp a 33% stock successful Symbio and person jointly endorsed a program that sharply reduces the size of the concern and refocuses its activities.

The determination follows Stellantis’ determination successful July to halt its hydrogen substance compartment exertion programme and formally extremity its relation arsenic a lawsuit for each hydrogen-related activities.

The carmaker had antecedently represented astir 80% of Symbio’s concern volumes, leaving the JV heavy exposed erstwhile the programme was dropped.

Symbio said: "The situation for Symbio is to accommodate its strategy and organisation to its caller scope of activity."

Under the caller plan, Symbio volition chopped its workforce to 175.

Management framed the restructuring arsenic indispensable for the company’s survival.

Jean-Baptiste Lucas, CEO of Symbio, said: “The pursuit of our concern requires a profound and hard transformation,” adding that the institution would “ensure that the modulation process and the quality enactment that results from it are exemplary.”

Despite the downsizing, Symbio intends to support and make its halfway hydrogen technologies.

The institution volition proceed enactment connected its 75kW substance compartment system, targeting applications successful buses, coaches and information centres, and plans to summation output astatine its SymphonHy gigafactory successful Saint-Fons.

"The extremity is to scope a accumulation capableness of 10,000 systems per twelvemonth by 2028-2030 astatine the SymphonHy tract successful Saint-Fons," the institution said.

Symbio is besides pursuing probe and improvement connected a 150kW next-generation substance compartment strategy for heavy-duty vehicles, with a imaginable commercialized roll-out envisaged astir 2030.

"Michelin, Forvia, Stellantis seal restructuring woody for Symbio" was primitively created and published by Just Auto, a GlobalData owned brand.

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