Stellantis set to acquire stakes in hydrogen fuel cell company: Multinational automotive manufacturing corporation Stellantis will buy a 33.3% stake in hydrogen fuel cell designer and manufacturer Symbio — a JV between France’s Michelin and Faurecia — in 3Q 2023, Reuters reports. The value of the stake stands at EUR 150 mn (USD 165 mn) and the transaction comes at a time when Stellantis is looking to boost its “position in hydrogen-powered vehicles by supporting our fuel cell van production in France,” CEO Carlos Tavares said in a statement. The three groups entered exclusive talks about the potential acquisition in December last year.

Stellantis has an active presence in the region: Earlier this year, Stellantis expressed interest in partnering with Nissan and Al Mansour Automotive to invest a total of USD 145 mn to assemble traditional and electric vehicles in Egypt over the next three years. In partnership with Renault, Stellantis operates EV assembly facilities in Morocco which produce 700k cars each year and is aiming to reach 1 mn in the next 2 to 3 years. Stellantis and Siemens announced a partnership last year to upscale EV last mile delivery infrastructure in MENA. It also began producing EVs at its Kenitra plant in Morocco which manufactures Opel’s Rockes-e.

Larger plans in play: Stellantis is the world’s third-largest carmaker by sales and launched hydrogen-powered mid-size vans late last year with the goal of expanding its hydrogen products to large vans in Europe next year and further afield in the US in 2025, the newswire said.

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Canada is eyeing renewable partnerships with South Korea: Canada is looking to partner with South Korea on “everything from critical minerals to high-tech innovation to clean energy solutions,” Canadian Prime Minister Justin Trudeau said in a speech to South Korea’s parliament, according to Reuters. Trudeau says green technology partnerships and agreements centered on the trade of EV minerals will be at the key topic during his meeting with South Korea’s President Yoon Suk Yeol today, the newswire noted.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• The Indonesian Investment Authority, the country’s sovereign wealth fund, is set to boost spending as the country aims to make itself an attractive investment destination alternative to China in the green transition. The fund will deploy USD 3 bn by the end of this year alongside its partners. (Financial Times)
• Tesla CEO Elon Musk says the company will reverse its policy against using advertisements in a bid to increase its EV sales. (Reuters)