On 9 June 2022. Symbio, a Faurecia and Michelin hydrogen company, and Schaeffler Group, signed an agreement to establish Innoplate, a global 50:50 joint venture (JV) to produce fuel cell bipolar plates (BPP), a strategic fuel cell component.
The JV and first plant are to be located in Haguenau (Alsace region), France, with the JV targeting to produce c.50 million bipolar plates and employ more than 120 people by 2030. The JV will combine the know-how of leading European automotive suppliers and a global leader in automotive fuel cell technology who together see vast potential in the developing hydrogen economy. It will also build a Franco-German partnership aiming at strengthening the European hydrogen mobility value chain.
The JV’s first customer will be Symbio, which has been nominated for a project by a major global auto Original Equipment Manufacturer (OEM). The JV is expected to be established by the end of 2022, subject to customary conditions precedent such as applicable merger control clearances.
Schaeffler is advised by a joint team of Jeantet and the German law firm Gleiss Lutz.
Jeantet: Karl Hepp de Sevelinges (Partner), Ruben Koslar (Counsel), Perrine Fuchs (Associate, all M&A).