PARIS (May 12, 2014) — Group Michelin has acquired a “significant” minority ownership stake in Symbio FCell, a Paris-based developer of fuel-cell technology.
“By becoming a shareholder in Symbio FCell, Michelin will be in a position to have SymbioFCell benefit from technological experience in the field of fuel cell in favor of sustainable mobility,” said Prashant Prabhu, director of the Michelin Incubator Program Office.
“Symbio FCell will acquire the means to furnish the products its customers expect while meeting the high quality standards of the automotive industry.”
Michelin acquired its undisclosed stake as part of a capital increase by Symbio. Financial terms were not disclosed.
Among Symbio FCell’s recognized developments is its integration of a fuel-cell range extender into the Renault Kangoo ZE, the sales leader among commercial electrical utility vehicles in Euopre.
The fuel cell range extender-equipped Kangoo is being tested by major commercial fleets’ operators such as La Poste, French postal office, Symbio said.
Symbio described its share capital increase as an important step in the development of its strategy to advance this innovation on the path to industrialization.
Michelin, by virtue of its considerable research and development in hydrogen fuel cells and sustainable mobility, brings value to this partnership, Symbio said.
“This second round of funding gives us the financial resources we need to proceed with the industrialization of our solutions,” said Symbio Presient Fabio Ferrari.
“With the arrival of the Michelin Group as a shareholder, we strengthen our technology leadership, our potential for innovation, as well as our credibility and our market presence.”