Toyota aims to join Daimler Truck and Volvo Group as equal shareholder in fuel cell JV cellcentric
Toyota Motor Corporation signed a non-binding MoU to become an equal third shareholder in cellcentric, a fuel cell joint venture originally founded by Daimler Truck and Volvo Group.
- more than 560
- roughly 700
- over 30 years
- 2021
What Happened
Toyota Motor Corporation, Daimler Truck, and the Volvo Group have signed a non-binding Memorandum of Understanding to collaborate on fuel cell technology. Toyota intends to join Daimler Truck and Volvo as an equal shareholder in cellcentric, a joint venture founded in 2021. The partners aim to develop, produce, and commercialise fuel cell systems for heavy-duty vehicles and other heavy-duty applications.
By combining complementary expertise, the companies hope to strengthen cellcentric's technological advantage and market competitiveness. Toyota brings over 30 years of fuel cell development from the passenger car sector, while Daimler Truck and Volvo contribute their commercial vehicle experience. The partnership also includes joint management of fuel cell unit cells and related architecture.
“We are proud that Toyota plans to join cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe complements battery-electric drives in decarbonising transport.”
The three companies will hold equal shares in cellcentric, which will continue to operate as an independent entity serving customers across heavy-duty on- and off-road transport and stationary applications. Toyota plans to participate in a capital increase to achieve equal shareholding. The partners will continue to compete independently in all other business areas. The non-binding agreement will be followed by a legally binding agreement subject to approvals.
“We are deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society. cellcentric which possess deep expertise in commercial fields together with Toyota’s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver one of the world-leading fuel cell systems for heavy commercial vehicles”
Why this matters
This partnership combines Toyota’s fuel cell expertise with Daimler Truck and Volvo’s commercial vehicle experience, aiming to scale fuel cell systems for heavy-duty transport. The collaboration could accelerate hydrogen infrastructure development and support global decarbonization goals, affecting the heavy-duty trucking industry and hydrogen supply chain.
Terms in This Story
- Fuel cell system
- A device that converts hydrogen and oxygen into electricity, producing water as the only emission, used to power vehicles.
- Hydrogen society
- A vision of a society where hydrogen is a key energy carrier for decarbonizing various sectors.
- Heavy-duty commercial vehicles
- Large trucks and buses used for freight and passenger transport.
Summarised from the linked release; details can be imperfect — always verify against the original source.