PARIS--(BUSINESS WIRE)--Symbio FCell, a pioneering company in fuel cell technology and inventors of the range extender for hybrid (combined electricity and hydrogen) vehicles, brought ENGIE on its board of investors in new round of fundraising.
The funds will help Symbio FCell develop faster, particularly in the field of hydrogen mobility. "ENGIE’s arrival alongside Michelin sends a strong signal to businesses and governments that have chosen to become active in the energy transition and want rapid access to fully operational solutions" says Fabio Ferrari, CEO of Symbio FCell.
ENGIE has taken steps to speed up the development of alternative energies, including in electric transportation and green mobility, and with more than 5,000 charging stations installed in Europe, the Group is encouraging the use of hydrogen in electric mobility. Joining Michelin in investing in Symbio FCell, ENGIE will take an active part in the evolution of hydrogen uses.
"This project illustrates the Group's commitment to developing hydrogen-powered transportation by teaming up with industry partners. ENGIE wants to develop green mobility and alternative energies, deploying NGV as an alternative fuel, or electric mobility, with EV charging stations installed in Europe, or innovative solutions dealing with hydrogen " says Thierry Lepercq, Executive Vice-President at ENGIE.
Beyond, Michelin reaffirmed its confidence in Symbio FCell by participating in the second round of funding, becoming the company’s main shareholder. This investment shows that Michelin expects to reap the benefits of diving directly into an external ecosystem as a way of supporting innovation. The chosen route to do this is revelatory: working with successful entrepreneurs and getting its internal incubation program (IPO) involved in the field of sustainable mobility.
"Michelin is a key player of sustainable mobility and considers hydrogen as a critical component of it. Symbio FCell’s approach kick-starts profitable hydrogen mobility services that meet urban needs, prior to the massive arrival of mainstream H2 vehicles" notes Laurent Noual, member of the Executive Committee of the Michelin Group.
Transportation is responsible for 23% of CO2 emissions in the world, and the sector is still 95% reliant on oil-based fuels. The transition to cleaner forms of mobility is therefore essential, especially in cities, where three of four people will live by 2050. Hydrogen is an alternative energy that will help reduce CO2 emissions in the sector while improving air quality, especially in urban centers.