Faurecia gets 213 mln euros from the EU to develop hydrogen tanks (updated)

Mcphy Energy SA

03/10/2022 11:19

(Adds analysts comments, detail)
    By Dina Kartit
       Oct 3 (Reuters) - 
    France's Faurecia  EPED.PA  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  HLE.DE , 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
 MICP.PA , 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  PLOF.PA  similar
announcement last week, confirms the strength of French OE
suppliers' offerings in the fuel cell sector.  urn:newsml:reuters.com:*:nFWN30Z0T6
  
        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.  urn:newsml:reuters.com:*:nL8N2YW361
    Other French companies such as Gaztransport & Technigaz
 GTT.PA  and McPhy Energy  MCPHY.PA  have also received funds to
develop their respective gigafactory hydrogen projects as part
of the IPCEI scheme.  urn:newsml:reuters.com:*:nL8N2YZ1FG urn:newsml:reuters.com:*:nFWN2YX017
    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)
 (Reporting by Dina Kartit; editing by Sudip Kar-Gupta and Jason
Neely)
 ((Dina.Kartit@thomsonreuters.com;))