Partners expect to begin testing fuel cell trucks within the next three years
The Volvo Group and Daimler Truck AG have signed a joint venture agreement that will develop, manufacture and commercialize fuel cell systems – primarily for use in heavy trucks, but also for other applications.
Volvo Group and Daimler Truck AG form fuel cell joint venture
The partners expect to make the new company a leading global fuel cell manufacturer. As part of the agreement, the Volvo Group will acquire 50% of Daimler Truck Fuel Cell GmbH & Co. KG for about 0.6 billion euros on a cashless and unsecured basis. Completion of the transaction is expected in the first half of 2021. Of course, it must be approved by the regulators first.
The joint venture will draw on the knowledge and extensive experience gained over several decades of fuel cell development at Daimler.
“In the future, the world will rely on a combination of battery-electric and fuel cell electric vehicles, and to some extent other renewable fuels. The creation of our fuel cell joint venture is an important step in shaping the world we want to live in, ”commented Martin Lundstedt, President and CEO of the Volvo Group.
The Volvo Group and Daimler Truck AG will own equal shares in the joint venture, but will still compete in all other areas such as automotive technology and the integration of fuel cells into trucks.
The partners’ goal is to begin testing fuel cell trucks within the next three years, with serial production in the second half of this decade.
