6 May 2014
Details
has decided to increase its capital
in order to finance
product industrialization and business development;
Michelin
has taken a significant minority stake
in Symbio FCell. In doing so, Michelin joins
the historical shareholders in this capital increase,
including the founders, managers and
several investment funds:
IPSA and CEA Investments
(through the CEA strategic fund and
its ATI seed-stage fund).
Symbio FCell is a recognized pioneer
in the fuel cell space. Its successes include
the integration of a fuel cell range extender
into the Renault Kangoo ZE,
the sales leader among commercial electrical utility vehicles.
Approved for use in Europe,
the fuel cell range extender equipped Kangoo
is currently being tested by major commercial fleets’ operators
such as La Poste (French postal office).
This increase in share capital is an important step
in the development of the Company’s strategy to
advance this innovation on the path to industrialization.
Michelin, by virtue of its considerable
research and development in hydrogen fuel cells
and sustainable mobility, brings value to this partnership.
In taking a stake in Symbio FCell,
the Michelin Group, and, in particular
the Incubator Program Office (IPO)
underlines the overall innovation strategy of the Group.
The mission of the IPO is to accelerate
the time to market for new innovations
that are outside the traditional core business of
the Michelin Group.
With this investment Symbio FCell facilitates
the market deployment of technologies
that have been in development at Michelin since 2003.
Fabio Ferrari,
President of Symbio FCell
"This second round of funding gives us
the financial resources we need to proceed with
the industrialization of our solutions.
With the arrival of the Michelin Group
as a shareholder, we strengthen our
technology leadership, our potential for innovation,
as well as our credibility and our market presence,
"We couldn't have imagined a better partner
for our industrial project".
Prashant Prabhu,
Director of the Michelin Incubator Praogram Office
"By becoming a shareholder in Symbio FCell,
Michelin will be in a position to
have SymbioFCell benefit
from technological experience in
the field of fuel cell in favor of sustainable mobility,
"Symbio FCell will acquire the means
to furnish the products its customers expect while
meeting the high quality standards of
the automotive industry"
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