Tyre manufacturer Michelin Group has acquired a minority ownership stake in France-based fuel cell system developer Symbio FCell.
The exact details of the investment have not been disclosed but the minority stake was described by Symbio FCell as “significant”.
Previous investors in Symbio FCell include private equity firm IPSA and CEA Investissement, the investment subsidiary of French alternative energy government agency CEA.
Symbio FCell has integrated its fuel cell range extender in the Renault Kangoo ZE electric van, and adapted versions of the vehicles are currently being tested by commercial fleet operators such as French postal service La Poste.
Fabio Ferrari, president of Symbio FCell, said: “This second round of funding gives us the financial resources we need to proceed with the industrialisation 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.”