Volvo Group, Daimler Truck AG and Toyota Motor Corporation signed a non-binding agreement to cooperate in the fuel cell system joint venture cellcentric. The three companies intend to collaborate to develop, produce and commercialize fuel cell systems for heavy-duty vehicles and other heavy-duty applications with comparable requirements.
Toyota and cellcentric intend to jointly manage the development and production of fuel cell unit cells and directly linked architecture and control elements.
Founded in 2021, cellcentric looks become a global manufacturer and Tier 1 supplier of fuel cell systems. The company features roughly 700 individual patents and more than 560 employees who work in interdisciplinary teams at sites in Germany and Canada.
The companies expect cellcentric to develop, produce and commercialize fuel cell systems for heavy-duty on- and off-road transport and other heavy-duty applications with comparable requirements. The partners also aim to support the development of hydrogen supply and infrastructure in the early stages.
Volvo, Daimler Truck and Toyota aim for equal shares in cellcentric, which will continue to operate as an independent and autonomous entity. The companies will continue to compete independently in all other areas of their respective businesses.
The parties will continue discussions and aim to reach a legally binding agreement, which will be subject to approval by all relevant parties and by the respective boards and authorities.
The transaction, if implemented, is not expected to result in any significant impact on the result or financial position of the Volvo Group.
