Volvo, Daimler Truck and Toyota unite on fuel cell venture

Volvo Group, Daimler Truck and Toyota Motor Corporation have signed a non-binding memorandum of understanding for Toyota to join cellcentric, the fuel cell joint venture currently owned by Volvo and Daimler Truck, as an equal third shareholder. The agreement envisages Toyota contributing its fuel cell development expertise to cellcentric, which is intended to serve as a shared centre of competence for heavy-duty on- and off-road transport applications.

Toyota and cellcentric also intend to jointly manage the development and production of fuel cell unit cells, the core component of fuel cell systems, along with directly linked architecture and control elements. The three companies aim for equal shareholding in cellcentric, which will continue to operate as an independent entity serving customers beyond its parent companies.

In a statement, Martin Lundstedt, President and Chief Executive of Volvo Group, said: “We are thrilled to explore this collaboration with Toyota, so that we through cellcentric can accelerate and create critical mass for hydrogen applications.” Karin Rådström, President and Chief Executive of Daimler Truck, added: “This will enable us to strengthen development and further scale hydrogen technology, which we believe must complement battery-electric drives in decarbonising transport.”

Koji Sato, President and Chief Executive of Toyota, said the partnership would combine cellcentric’s commercial expertise with Toyota’s more than 30 years of fuel cell development in the passenger car sector. The signed agreement remains non-binding pending a legally binding accord subject to board and regulatory approvals.

Source: Volvo Group