New Delhi: Toyota Motor Corporation, Volvo Group and Daimler Truck have signed a binding agreement under which Toyota will join fuel cell company cellcentric as an equal shareholder, marking a major step towards advancing hydrogen-powered solutions for heavy-duty commercial vehicles.
The transaction, which is subject to regulatory approvals, follows a non-binding agreement signed by the companies in March this year. Upon completion, Toyota, Volvo Group and Daimler Truck will each hold an equal one-third stake in cellcentric.
The partners said the collaboration aims to strengthen cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications by enhancing its technological capabilities, industrial scale and global competitiveness.
The companies also plan to work with industry associations and stakeholders across the hydrogen value chain to support the development of hydrogen production, supply and refuelling infrastructure, with the objective of accelerating the growth of the hydrogen ecosystem.
cellcentric will continue to operate as an independent and autonomous company, serving customers across heavy-duty on-road and off-road transportation as well as applications including coaches, stationary power generation, rail and heavy off-highway equipment.
The three companies said they will continue to compete independently in all other areas of their respective businesses.
The transaction is expected to be completed around the end of 2026 or early 2027, subject to regulatory approvals.
Volvo Group said the deal is not expected to have any material impact on its earnings or financial position.
