The Volvo Group, Daimler Truck AG, and Toyota Motor Corporation have finalized a binding agreement for Toyota to become an equal partner and shareholder in cellcentric, a joint venture focused on developing fuel cell systems for heavy-duty commercial applications. Each company will hold a one-third stake in cellcentric, pending regulatory approvals.
This collaboration aims to bolster cellcentric's standing as a leading developer and manufacturer of fuel cell systems, enhancing its technological capabilities and industrial scale. The partnership intends to support the hydrogen value chain by working with industry associations and partners to develop hydrogen supply and infrastructure.
cellcentric, established in 2021 by Daimler Truck AG and the Volvo Group, will continue to operate independently, serving a wide range of customers in heavy-duty on-road and off-road transport sectors, including marine and rail applications. The transaction is expected to be completed by the end of 2026 or early 2027, contingent on regulatory approvals.
With more than 560 employees and approximately 700 patents, cellcentric aims to become a global leader in fuel cell technology, contributing to sustainable and climate-neutral transportation. The partnership with Toyota is seen as a strategic move to further its goals in the heavy-duty sector.
While collaborating on cellcentric, Volvo, Daimler, and Toyota will continue to compete independently in other areas of their businesses. This move aligns with Toyota's broader strategy of achieving zero environmental impact and creating value beyond zero through sustainable practices.
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