Toyota to join Daimler Truck and Volvo fuel cell joint venture

Toyota Motor Corporation plans to join Daimler Truck and Volvo Group as an equal shareholder in fuel cell joint venture Cellcentric, as the companies look to accelerate development of hydrogen technology for heavy-duty transport.

The three manufacturers have signed a non-binding memorandum of understanding to collaborate on fuel cell systems, with Toyota expected to invest in the business through a capital increase to achieve equal ownership alongside Daimler Truck and Volvo.

The partnership aims to combine Daimler Truck and Volvo’s commercial vehicle expertise with Toyota’s experience in fuel cell development and manufacturing to scale up production of fuel cell systems for heavy-duty on- and off-road applications.

Daimler Truck president and chief executive Karin Radstrom says Toyota’s planned involvement will strengthen development of hydrogen technology.

“We are proud that Toyota plans to join Cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe complements battery-electric drives in decarbonising transport.”

Volvo Group president and chief executive Martin Lundstedt says the collaboration is aimed at accelerating hydrogen adoption.

“We are thrilled to explore this collaboration with Toyota, so that we through Cellcentric can accelerate and create critical mass for hydrogen applications. This is an important signal to customers, suppliers, and others in the ecosystem.”

Toyota president and chief executive Koji Sato says the company will bring its fuel cell experience to the partnership.

“Cellcentric which possess deep expertise in commercial fields together with Toyota ‘s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver one of the world-leading fuel cell systems for heavy commercial vehicles. Toyota will continue to contribute to realising a hydrogen society alongside like-minded partners.”

Cellcentric will continue to operate as an independent entity, developing, producing and commercialising fuel cell systems for heavy-duty transport and other applications.

The companies say the collaboration is intended to strengthen Cellcentric’s position as a leading supplier of fuel cell systems, while supporting the development of hydrogen infrastructure and contributing to global decarbonisation efforts.

Daimler Truck, Volvo and Toyota will continue to compete independently in other areas of their businesses.