Michelin, Forvia, and Stellantis have reached an agreement to restructure and refinance their hydrogen fuel cell joint venture Symbio. The companies will reduce the size of the business and focus on core activities, following Stellantis’ decision to end its hydrogen program, which represented 80% of Symbio’s business.

Symbio plans to cut its workforce to 175 as part of the restructuring, seen as crucial for the company’s survival. CEO Jean-Baptiste Lucas emphasized the need for a profound transformation to adapt to the new business scope and ensure a smooth transition for employees.

Despite the downsizing, Symbio will continue to develop its hydrogen technologies, focusing on a 75kW fuel cell system for buses, coaches, and data centers. The company aims to increase production at its SymphonHy gigafactory in Saint-Fons and reach a capacity of 10,000 systems per year by 2028-2030.

Additionally, Symbio is working on a 150kW next-generation fuel cell system for heavy-duty vehicles, with plans for a commercial rollout around 2030. The company remains committed to advancing hydrogen technology despite the recent restructuring efforts.

Read more at Yahoo Finance: Michelin, Forvia, Stellantis seal restructuring deal for Symbio