Daimler Truck AG and the Volvo Group complete creation of fuel-cell joint venture: cellcentric

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Gothenburg, Sweden / Stuttgart, Germany – #daimlertruck 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 #daimlertruck 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. #daimlertruck 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 #daimlertruck 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 #daimlertruck AG signed a binding agreement for the joint venture. A preliminary non-binding agreement was already signed in April the same year.

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