Michelin takes a minority stake in SymbioFCell, the French leader in fuel cell technology, through a capital increase which will allow SymbioFCell to deploy its technology on the market
Clipperton Finance acted as sole financial advisor to Michelin
Paris – May, 6th 2014 – Clipperton Finance, a leading European corporate finance firm focused on the Technology and Media industries, announced the strategic investment of Michelin into SymbioFCell, the French leader in fuel cell technology. Clipperton Finance acted as strategic and financial advisor to Michelin on the transaction.
SymbioFCell designs and manufactures hydrogen fuel cells and the related operating systems. The Company’s innovative fuel cell products are designed primarily to be installed within electric vehicles, acting as battery life extenders and enabling the increased autonomy of non-polluting vehicles. The fuel cells are secondly utilised as new propulsion systems based on high-power hydrogen fuel cells for applications in road and maritime transportation requiring high power electrification. The systems developed by SymbioFCell are designed with the help of the CEA (Commissariat à l’Energie Atomique) and Michelin products.
Michelin’s investment in SymbioFCell is in line with an overall innovation strategy for the Group, and more specifically it’s Incubator Program Office (IPO). This program supports and accelerates the deployment of innovative technologies beyond the scope of Michelin’s traditional operations. This fundraising will allow SymbioFCell to commercialise technologies developed by Michelin since 2003.
“The close collaboration being implemented between the two entities will allow SymbioFCell to rely on Michelin’s technological and industrial expertise in the field of fuel cell mobility,” said Prashant Prabhu, Director of the IPO. “SymbioFCell will have all the means to deploy its solution and deliver products matching the level of demand required by the automotive industry.”
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About Clipperton Finance
Clipperton Finance is a European corporate finance boutique exclusively dedicated to the HighTech and Media industries. Clipperton Finance advises high growth companies on financial transactions, fundraisings, capital increases and Mergers & Acquisitions. With a team based in London, Berlin, and Paris and an international reach, Clipperton Finance is a European leader in the sector. The team has successfully structured more than seventy high level international transactions in the European High Tech sector. For more information, visit www.clipperton.net