PARIS -- Faurecia said its hydrogen technology project was granted 213 million euros of public support from the European Commission as part of the Hydrogen IPCEI program.
The company aims to create affordable clean mobility solutions by developing and industrializing a new generation of hydrogen tanks, both gaseous and liquid, by the end of 2027, it said in a statement.
Faurecia -- whose takeover of Hella has led to the creation of the new company Forvia -- added that production will start in 2024 in its Allenjoie plant in eastern France, with a goal of over 100,000 units produced per year. Faurecia also has a partnership with tire maker Michelin on hydrogen fuel cell technology under the name Symbio.
On July 15, the European Commission authorized 15 member states to provide public funding of up to 5.4 billion euros under the Important Project of Common European Interest (IPCEI) program to support research, innovation and first industrial deployment of hydrogen technologies in the region.
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.
Other key IPCEIs for the European mobility sector includes those to support development of a European electric vehicle battery supply chain and to increase chip capacity in Europe.