Breaking News
Investing Pro 0
Free Webinar - What Is a Gold IRA? Fees, Advantages, and Risks - December 7, 2022 | 01:00PM EST Enroll Now

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

Stock Markets Oct 03, 2022 06:23AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A logo of French car parts supplier Faurecia is seen near the company's headquarters in Nanterre near Paris, France, February 7, 2022. REUTERS/Gonzalo Fuentes

By Dina Kartit

(Reuters) -France's Faurecia said its project to develop a new generations of hydrogen tanks was granted 213 million euros ($209 million) of support from the European Commission as part of the Hydrogen IPCEI programme.

Faurecia's "Historhy Next" project aims to develop new generations of hydrogen tanks, both gaseous and liquid, by the end of 2027, it said in a statement.

Faurecia, part of the Forvia group formed after its merger with German car parts company Hella, added that production would start in 2024 at its Allenjoie plant in France's Bourgogne-Franche-Comté region, with a goal of producing more than 100,000 units per year.

Symbio, a joint-venture between Faurecia and Michelin (EPA:MICP), also has a hydrogen project waiting for European Commission approval, Faurecia said in a statement.

ODDO BHF analyst Michael Foundoukidis said Faurecia's announcement, alongside Plastic Omnium's similar announcement last week, confirms the strength of French OE suppliers' offerings in the fuel cell sector.

The European Commission in July authorised 15 member states to provide public funding of up to 5.4 billion euros ($5.48 billion) under the Important Project of Common European Interest (IPCEI) programme to support research, innovation and first industrial deployment of hydrogen technologies in the region.

Other French companies such as Gaztransport & Technigaz and McPhy Energy have also received funds to develop their respective gigafactory hydrogen projects as part of the IPCEI scheme.

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

($1 = 1.0205 euros)

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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email