Stellantis Acquires 33% Stake In Hydrogen Mobility Firm Symbio

Stellantis NV STLA has signed a binding agreement to acquire a 33.3% stake in Symbio, a zero-emission hydrogen mobility company. Financial terms of the transaction were not disclosed.
The other shareholders, Faurecia and Michelin MGDDY, will retain their 33.3% stake each.
The addition of Stellantis as a shareholder is expected to boost Symbio's development across Europe and in the U.S.
Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons gigafactory, which will start production in the second half of 2023.
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"Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio," said Stellantis CEO Carlos Tavares.
The acquisition is expected to close in the third-quarter of 2023.
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Price Action: STLA shares are trading lower by 0.56% at $16.01 in premarket on the last check Tuesday.