Michelin and Faurecia have concluded arrangement to invest 140 million euros in Symbio hydrogen mobility joint venture.
Michelin has also explained that apart from the JV, it will combine hydrogen fuel cell dedicated activities and it aims to become a world leader in the hydrogen mobility.
A statement explained that with the demands for the greener mobility solutions increasing, the hydrogen technology will play a key role in the mass development of electric vehicles to reach zero-emission mobility in future.
Michelin also claims that hydrogen fuel cells are particularly suitable for intensive use and for those who need greater autonomy.
Commenting on the JV, Fabio Ferrari, CEO, Symbio, said, “With this in mind, we decided, along with the Michelin development teams, to speed things up. The market was there. It was time to develop a Joint-Venture with a partner.”
