Auto-parts maker Faurecia and tire manufacturer Michelin signed March 11 a memorandum of understanding to establish an equally owned hydrogen mobility joint venture.
The new JV will include Michelin's fuel cell technology subsidiary Symbio and will also be named after it. The venture will be tasked to develop, produce and sell hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications.
Faurecia will contribute its expertise on fuel cell technology to the venture.
The joint venture is subject to regulatory approval, the French companies said.