Daimler Truck and the Volvo Group have finalized the transaction to form a fuel-cell joint venture that was first announced in April 2020.
Through the deal, Volvo Group has acquired a 50 per cent stake in Daimler Truck Fuel Cell GmbH & Co. KG for €600 million on a cash and debt-free basis. The new company is dubbed Cellcentric GmbH & Co. KG.
The joint venture will develop, produce and commercialize the fuel-cell systems to be used by heavy-duty trucks. The current plan is for Daimler Truck and the Volvo Group to start customer tests of trucks with fuel-cells in about three years. Series production will start in the second half of the decade.
While the two companies own equal interests in the joint venture, they are keen to point out that they remain competitors in all other areas such as vehicle technology and fuel-cell integration in trucks.
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“By forming this joint venture, we are clearly showing that we believe in hydrogen fuel cells for commercial vehicles. But for this vision to become reality, other companies and institutions also need to support and contribute to this development, not least in order to establish the fuel infrastructure needed,” Volvo Group chief executive and president Martin Lundstedt said in a statement last year.
Daimler and Volvo want to make the joint venture a leading global manufacturer of fuel cells, helping the world take a step towards climate-neutral and sustainable transportation by 2050.
“This joint initiative with the Volvo Group is a milestone in bringing fuel cell-powered trucks and buses onto our roads,” added member of the Board of Management of Daimler AG and chairman of the Board of Management Daimler Truck AG, Martin Daum.