According to Reuters, Faurecia aims to improve hydrogen mobility solutions with tanks that are able to work on gaseous and liquid form of the fuel.

The new hydrogen tanks are said to come before the end of 2027.

Faurecia officials stated that the production of the new hydrogen tanks is scheduled to start in 2024 and it will aim to make 100.000 units per year.

Patrick Koller, CEO of Faurecia, stated that "this subsidy confirmed by the French government, which is in addition to the nearly €300 million already invested since 2017 by Faurecia in hydrogen mobility, allows us to consolidate our position as European leader by being present on 75% of the value chain."

"It is a key solution to decarbonize the mobility and industry of tomorrow, and we are proud to contribute to it", he added.

Back in July, the European Commission allowed 15 EU states to provide up to 5.4 billion euros in order to support the development and innovation of hydrogen technologies on the continent under the Important Project of Common European Interest (IPCEI) program.

McPhy Energy and Gaztransport & Technigaz are other companies that are using the financing to accelerate the development of their hydrogen facility projects.

EU officials started to increase the support for hydrogen-oriented projects, since they consider this fossil-fuel alternative a viable solution for the energy transition.