Riyadh "Riyadh Daily"
Daimler Truck AG and the Volvo Group complete creation of fuel-cell joint venture: cellcentric

Daimler  Truck  AG  and  the  Volvo  Group today completed the transaction to form the previously announced fuel-cell joint venture.

The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for approximately SEK 6.3 billion (approximately EUR 0.6 billion) on  a cash  and  debt-free  basis.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.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. A key goal of Daimler Truck AG and the Volvo  Group 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.

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.

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