Daimler Truck and Volvo complete fuel cell joint venture

Daimler Truck AG and the Volvo Group have completed the transaction of their hydrogen fuel cell joint venture.

Volvo Group has acquired 50% of the partnership interests in the existing subsidiary, Daimler Truck Fuel Cell GmbH & Co. KG, for around SEK 6.3 billion (NZ$1.03b) on a cash and debt-free basis.

The partnership was first announced in April last year with a preliminary non-binding agreement, and a binding agreement was signed in November.

The new joint venture aims to be a leading global manufacturer of fuel cells and hopes to “help the world take a major step towards climate-neutral and sustainable transportation by 2050”.

Daimler Truck AG and the Volvo Group will rename the company ‘cellcentric’ GmbH & Co. KG.

The joint venture will develop, produce and commercialise fuel cell systems for use in heavy-duty trucks as the primary focus, as well as other applications. 

A key goal of Daimler Truck AG and the Volvo Group is to start with customer tests of trucks with fuel cells in about three years and to commence series production during the second half of this decade.