Daimler Truck, the Volvo Group, cellcentric and Toyota Motor Corporation have signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each owner to hold a third each. The agreement follows the previous non-binding agreement signed at the end of March this year. Completion of the transaction is conditional upon obtaining regulatory approvals. Through the collaboration, the parties intend to strengthen cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.
Upon completion of the transaction, Toyota will become an equal partner in cellcentric together with Daimler Truck and Volvo. 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.
Completion of the transaction is expected around year end 2026 or start of 2027 and is subject to obtaining regulatory approvals.
