Michelin Buys Stake in French Fuel Cell Company
Groupe Michelin recently purchased a "significant" minority stake in French fuel cell company Symbio FCell, joining current shareholders including the founders, managers and several seed investors.
Symbio FCell developed a fuel cell range extender for the Renault Kangoo ZE commercial electrical utility vehicle. Already approved for use in Europe, the fuel cell range extender-equipped Kangoo is currently being tested by several major commercial fleet operators, including France’s postal system.
Michelin has done R&D work on hydrogen fuel cells and sustainable mobility. Michelin is placing its Symbio FCell involvement under its Incubator Program Office, which focuses on innovations outside of its core business.
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