Michelin, world leader in tyres and sustainable mobility, and Faurecia, technology leader in the automotive industry, announced the signature of 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.
This joint venture, built around a unique ecosystem, will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications, Michelin says in a Press release.
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.