Toyota joins Volvo and Daimler venture as equal fuel cell partner

Toyota has signed a binding agreement to take an equal one-third stake in Cellcentric, the heavy-duty fuel cell joint venture founded by Daimler Truck and Volvo Group in 2021.

The agreement follows the previous non-binding agreement signed at the end of March this year. Completion is expected around the end of 2026 or the start of 2027, subject to obtaining regulatory approvals.

The parties plan to collaborate on equal terms, with the aim of strengthening Cellcentric’s technological lead, industrial scale and competitiveness in heavy-duty fuel cell technology.

Through collaboration with industry associations and partners across the entire hydrogen value chain, the partners aim to actively support the development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem.

Cellcentric will continue to operate as an independent and autonomous company and serve a broad range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, rail and heavy off-highway equipment.

The Volvo Group, Daimler Truck and Toyota Motor Corporation will continue to compete independently in all other areas of their respective businesses.