Groupe Michelin has formed a joint venture with Faurecia to develop and market hydrogen fuel cell systems for light vehicles and commercial trucks.
According to Michelin, Faurecia, a France-based global automotive supplier, "is contributing its technological hydrogen mobility expertise," while the tiremaker "is contributing the know-how of its subsidiary, Symbio, an equipment manufacturer supplying hydrogen fuel cell kits, as well as a range of services, and design and production activities."
The companies will initially invest a total of 140 million euros in the joint venture in order to accelerate the development of hydrogen fuel cells, launch mass production and expand business in the United States, Europe and China. The venture "will eventually have three industrial sites, supplying the world's main automotive markets: Europe, Asia and the U.S.," say Michelin officials.
"Electric mobility is expected to increase significantly between now and 2030, with hydrogen-powered vehicles accounting for two million vehicles" by that time.