Tyremaker Michelin and Tier 1 supplier Faurecia have formed a joint venture using an existing company name, Symbio, combining their hydrogen fuel cell dedicated operations and aiming, they said, to be "a world leader in hydrogen mobility".

The JV will develop, produce and market hydrogen fuel cell systems for light vehicles, commercial vehicles and "other areas of electromobility".

Faurecia brings to the partnership its technological hydrogen mobility expertise and results of R&D work carried out with the CEA (the French Atomic Energy Commission).

Michelin contributes knowledge of its Symbio subsidiary which supplies hydrogen fuel cell kits and offers design and production services.

The two comes will invest and initial EUR140m in the JV to speed development of new generation fuel cells, launch mass production and increase business in Europe, China and the United States.

Symbio wants to achieve 25% market share and a turnover of around EUR1.5bn by 2030.

The joint venture will operate from three factories supplying Europe, Asia and the United States.

The pair said electric mobility demand was expected to increase significantly between now and 2030 with hydrogen powered vehicles accounting for 2m vehicles of which 350,000 would be trucks.

"As the only zero emission solution that complements battery powered electric cars, hydrogen technology is essential in accelerating the deployment of electromobility and addressing its three major challenges: improving air quality, reducing CO2 emissions and the energy transition," they said in a statement.

Equally owned by the two groups, Symbio will be run by Michelin, Faurecia and Symbio executives with significant experience in the automotive industry and in managing a fast-growing business.

Fabio Ferrari was named chief executive officer with Guillaume Salvo, formerly director of the light vehicle product line at Faurecia, appointed chief operating officer.

Ferrari said: "I founded Symbio almost 10 years ago to work towards a world where the freedom to move comes with zero emissions. By creating this joint venture, Michelin and Faurecia are demonstrating that they too share this vision."