Stellantis Eyes Stake In Hydrogen Mobility Company Symbio

Stellantis NV STLA has initiated exclusive negotiations with Faurecia to acquire a substantial stake in Symbio, a hydrogen mobility company.
Symbio, a Faurecia & Michelin MGDDY joint venture, is a Stellantis partner in deploying hydrogen-powered light commercial vehicle program.
The move is a part of its Dare Forward 2030 strategic plan, which includes expanding its hydrogen offering to large vans as early as 2024 in Europe and 2025 in the U.S.
In October 2022, Symbio announced its HyMotive project, which will increase its total production capacity in France to 100,000 systems per year by 2028.
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The transaction will enable Symbio to expand its development by capitalizing on Stellantis' leadership in the European and American automotive markets.
"Symbio's technical roadmap perfectly matches with Stellantis' hydrogen roll-out plans in Europe and in the U.S.," said Stellantis CEO Carlos Tavares.
"This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles."
The company expects the transaction's closing to occur in the first semester of 2023.
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Price Action: STLA shares are trading higher by 0.58% at $13.96 on the last check Friday.
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