- 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.
‘Digital Brands Group: A Copyright, False Adversiting, And Unfair Competition Lawsuit Against Digital Brands Group Has Been Dismissed’
https://twitter.com/TradeHawk/status/1623350686061826048
Original Complaint: Https://docdro.id/xf0kooe
