Daimler and Volvo Group complete creation of fuel-cell JV
Daimler Truck AG and the Volvo Group today completed the transaction to form their previously announced fuel-cell joint venture; cellcentric.
The Volvo Group has acquired 50% of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for 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. Daimler Truck AG and the Volvo Group have agreed to 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. The Volvo Group and Daimler Truck AG own equal interests in the joint venture, but continue to be competitors in all other areas such as vehicle technology and fuel-cell integration in trucks. In November 2020, the Volvo Group and Daimler Truck AG signed a binding agreement for the joint venture.