Daimler and Volvo joint forces for cellcentric JV
Daimler Truck AG and the Volvo Group today completed the transaction to form the previously announced fuel-cell joint venture. The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for approximately SEK 6.3 billion (approximately EUR 0.6 billion) on a cash and debt-free basis.
The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. Daimler Truck AG and the Volvo Group have agreed to rename the company cellcentric GmbH & Co. KG.
The joint venture will develop, produce and commercialize 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.
In November 2020, the Volvo Group and Daimler Truck AG signed a binding agreement for the joint
venture. A preliminary non-binding agreement was already signed in April the same year.