_188 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 4 NON-FINANCIAL STATEMENT Sustainable Development Report Developing new hydrogen mobility solutions A pioneer in hydrogen fuel cells, the Michelin Group has been working for more than 20 years to make hydrogen one of its sources of future growth. Michelin was an early believer in hydrogen and in Symbio, which the Group acquired before turning it into a joint venture with Forvia in 2019. Since 2023, Symbio has been owned equally by Forvia, Michelin and Stellantis, with the goal of producing 100,000 StackPack fuel-cell systems a year by 2028 and accelerating the deployment of a form of clean mobility that safeguards the environment and human health. In 2023, Symbio strengthened its technological and industrial leadership with the inauguration of the SymphonHy complex, comprising both its first gigafactory and its center of technological and industrial excellence. Located in Saint-Fons, in the AuvergneRhône-Alpes region in France, SymphonHy is the largest integrated fuel cell production site in Europe. HyMotive, Symbio's strategic technological and industrial project, represents a total investment of €1 billion over seven years. The project is also developing a breakthrough technology to improve fuel-cell cost competitiveness, with the goal of bringing it in line with battery-powered electric and internal combustion powertrains by 2030. Symbio has also operated in the United States since 2021, with a pilot plant in California initially supplied by the Group’s European facilities. From 50 employees in 2019, Symbio now employs more than 750 people, and plans to create a further 1,000 jobs with the HyMotive project. Moreover, Symbio has joined with Germany’s Schaeffler Group to form Innoplate, a 50/50-owned joint venture based in Alsace that will start up production of bipolar plates (BPP), a strategic fuel cell component, in the first quarter of 2024. Fuel cell technology is proving to be an indispensable source of supplemental power to lengthen the range of light trucks, vans and other EVs. At the Solutrans trade show in November 2023, the Watèa by Michelin subsidiary announced the launch of a new solution offering a range of hydrogen vehicles, alongside its battery-electric vehicles. The new service will enable Watèa customers to enjoy all the benefits of hydrogen mobility. To spur the deployment of hydrogen-electric mobility in local French communities, since 2019, Michelin has been a shareholder in HYmpulsion, a public-private partnership, alongside the Auvergne-Rhône-Alpes regional authority, Engie, Crédit Agricole and Banque des Territoires. The goal is to open the green hydrogen mobility market in the Auvergne-RhôneAlpes region by building and operating 20 hydrogen charging stations for light and heavy vehicles. Lastly, Michelin is pursuing a robust R&D commitment, capitalizing on all its proven expertise and capabilities, particularly in the field of sustainable high-tech materials, which play a key role in hydrogen fuel cell and electrolyzer performance. 4.1.1.1 c) Adaptation plan: responding to the physical risks of climate change The roadmap to define the plan to adapt to the physical risks of climate change is prepared by a dedicated climate risk team, which is actively involved in the Group’s risk management process. Climate strategy Company’s overall strategy Transition Plan • Decarbonization • Evolving strategy Adaptation Plan for physical risks
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