Daimler Truck AG and the Volvo Group have completed their transaction to form their previously announced fuel-cell joint venture.
The Volvo Group has acquired 50% of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG. The companies say their goal is in manufacturing fuel cells is to help the world take a major step towards climate-neutral and sustainable transportation by 2050. Daimler Truck AG and the Volvo Group have agreed to rename the company cellcentric GmbH & Co. KG.
The joint venture will develop, produce and commercialize fuel cell systems for use in heavy-duty trucks as the primary focus, as well as other applications. The companies say that a key goal is to start with customer tests of trucks with fuel cells in about three years and to commence series production during the second half of this decade.
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, the companies say.
