Forvia, Michelin, and Stellantis, shareholders in Symbio, have approved a new business plan alongside a refinancing agreement for the hydrogen systems company, Symbio announced on Wednesday.
Concerns about Symbio's future have been mounting since July, following Stellantis's announcement that it would halt its fuel cell technology development program--a decision that surprised partners Michelin and Forvia and cast doubt on the viability of the joint venture.
The agreement reached will result in a major restructuring of Symbio, enabling the company "to continue its operations while adapting to a market that is still in the structuring phase," according to a statement.
To implement its plan, Symbio "will need to resize," the group noted, specifying that 175 jobs will be retained.
Among its ambitions, Symbio cited the secure rollout of its product roadmap, including a next-generation 75-kilowatt hydrogen fuel cell, and aims to reach an annual production capacity of 10,000 systems by 2028-2030 at its Saint-Fons site near Lyon (Rhône), inaugurated by the group at the end of 2023.
(Written by Etienne Breban, edited by Augustin Turpin)
