With all the talk of an electric future for the automotive industry, you could be forgiven for thinking that vehicles with a plug-in facility are the only way forward. However, one major motoring force thinks otherwise and is backing its belief with a massive investment.

French company Michelin thinks hydrogen fuel cell vehicles are the future and it is looking at this sector to reduce its reliance on the tyre business.

Michelin CEO Florent Menegaux recently announced a new growth strategy with five area of business diversification. The company will keep focusing on premium and specialty tyres, but will also develop business in areas such as high-performance polymers, medical applications, biosourced and recycled sustainable materials, and 3D metal printing. It also aims to become a global hydrogen mobility leader by supplying hydrogen fuel cells or components through its subsidiary Symbio. These diversifications, it hopes, will account for up to 30% of Michelin’s revenues in 2030.

Symbio, is joint venture with auto component maker Faurecia and will produce fuel cells in a new multi million euro French plant for Stellantis, the parent company of Citroen, Peugeot and Opel. The main development will focus on producing fuel cells for vans and trucks, were pure battery power is often not suited to high payloads and long distances.

Michelin’s interest also comes as government’s in Germany and France plan for development programmes to produce renewable hydrogen.