Faurecia obtains 213 million euros from the EU to develop hydrogen tanks

Oct 3 (Reuters) – France’s Faurecia (EPED.PA) said its plan to develop a new generation of hydrogen tanks had received 213 million euros ($209 million) in support from the European Commission as part of the Hydrogen IPCEI program.

Faurecia’s “Historhy Next” project aims to develop new generations of hydrogen tanks, gaseous and liquid, by the end of 2027, he said in a press release.

Faurecia, part of the Forvia group formed after its merger with German auto parts company Hella (HLE.DE), added that production would start in 2024 at its Allenjoie plant in Bourgogne-Franche-Comté, with a target to produce more than 100,000 units per year.

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Symbio, a joint venture between Faurecia and Michelin (MICP.PA), also has a hydrogen project pending approval by the European Commission, Faurecia said in a statement.

Michael Foundoukidis, analyst at ODDO BHF, said Faurecia’s announcement, alongside Plastic Omnium’s (PLOF.PA) similar announcement last week, confirms the strength of offers from French original equipment suppliers. in the fuel cell sector.

In July, the European Commission authorized 15 member states to provide public funding of up to €5.4 billion ($5.48 billion) under the Important Project of Common European Interest (IPCEI) program to support research, innovation and the first industrial deployment of hydrogen technologies in the region. . Read more

Other French companies such as Gaztransport & Technigaz (GTT.PA) and McPhy Energy (MCPHY.PA) have also received funding to develop their respective hydrogen gigafactory projects under the IPCEI scheme.

The European Commission had pledged to increase funding to support hydrogen, a fuel that can be produced from renewable energy and can replace fossil fuels in polluting industrial processes.

($1 = 1.0205 euros)

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Reporting by Dina Kartit; edited by Sudip Kar-Gupta and Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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