|By Business Wire||
|May 6, 2014 06:38 AM EDT||
SymbioFCell has decided to increase its capital in order to finance product industrialization and business development; Michelin has taken a significant minority stake in SymbioFCell. Michelin hence joins 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).
SymbioFCell 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 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 post-office).
This operation is an important step in the development of the Company’s strategy to drive this innovation towards 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 SymbioFCell, the Michelin Group, and, in particular the Incubator Program Office (IPO) underlines the overall innovation strategy of the Group. IPO’s mission is to accelerate the time to market for 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.
"This second round of funding gives us financial resources to further 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 market presence” said Fabio Ferrari, President of SymbioFCell who adds: "We couldn't have imagined a better partner for our industrial project.”
"By becoming a shareholder in SymbioFCell, Michelin will be in a position to have SymbioFCell benefit from technological experience in the field of fuel cell in favor of sustainable mobility" said Prashant Prabhu, Director of the Michelin Incubator Program Office. "SymbioFCell will acquire the means to furnish the products its customers expect while meeting the high standards of the automotive industry ".