Daimler Truck AG and the Volvo Group today completed the transaction to form the previously announced fuel-cell joint venture, which will be called Cellcentric.
It follows approval by the European Commission’s (EC) Competition Commission last month.
A key goal of Daimler Truck and Volvo is to start customer tests of trucks with fuel-cells in about three years and to start series production during the “second half of this decade.”
The Gothenburg, Sweden, headquartered Volvo Group has acquired 50% of the partnership interests in the existing Stuttgart, Germany, headquartered Daimler Truck Fuel Cell GmbH & Co. KG for approximately €600,000m on a cash and debt-free basis.
Daimler Truck AG and the Volvo Group have agreed to rename the company Cellcentric GmbH & Co. KG.
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,” says the truck makers.
The joint venture will develop, produce and commercialise fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications.
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 Daimler Truck AG signed a binding agreement for the joint venture. A preliminary non-binding agreement was already signed in April the same year.
