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Stellantis Acquires 33% Stake In Hydrogen Mobility Firm Symbio

Stellantis NV (NYSE:STLA) has signed a binding agreement to acquire a 33.3% stake in Symbio, a zero-emission hydrogen mobility company.…
byShivani Kumaresan
May 16, 2023
1 minute read
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  • Stellantis NV (NYSE:STLA) has signed a binding agreement to acquire a 33.3% stake in Symbio, a zero-emission hydrogen mobility company. Financial terms of the transaction were not disclosed.
  • The other shareholders, Faurecia and Michelin (OTC:MGDDY), will retain their 33.3% stake each.
  • The addition of Stellantis as a shareholder is expected to boost Symbio’s development across Europe and in the U.S.
  • Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons gigafactory, which will start production in the second half of 2023. 
  • Also Read: Stellantis Italy Workers Protest Slows Alfa Output
  • “Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio,” said Stellantis CEO Carlos Tavares.
  • The acquisition is expected to close in the third-quarter of 2023.
  • Also Read: Stellantis Records 14% increase In Q1 Revenue Boosted By Higher Shipments
  • Price Action: STLA shares are trading lower by 0.56% at $16.01 in premarket on the last check Tuesday.
 
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Colorado Wants To Simplify Cannabis Regulations, Eliminate Fungus Testing: A 500-Page Rulebook Is Too Long, Lawmakers Say

By Jelena Martinovic
January 25, 11:11 AM
Colorado lawmakers have introduced a bipartisan bill that aims to remove a rule requiring cannabis products to be tested for a fungus called Aspergillus. The rule, which was implemented by the Colorado Marijuana Enforcement Division, resulted in 17 product recalls in 2023, the most in the last seven years. The bill, Senate Bill 24-076, also seeks to make other changes to cannabis business regulations in the state. It would address the issue of labelling mandates for THC-infused products made from remediated marijuana, allow dispensaries to sell consumable goods that don't contain THC or CBD, and extend cannabis licensure from one to two years without any changes in fees. The bill has been brought by the Marijuana Industry Group, which says it is time for Colorado to streamline its regulations, following the lead of states including Nevada, California, Oregon and Maryland.

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