Toyota Joins Daimler Truck and Volvo Group as Equal Partner in Fuel Cell JV cellcentric
Toyota Motor Corporation will become an equal one-third shareholder in cellcentric, the fuel cell joint venture founded by Daimler Truck and Volvo Group, to strengthen heavy-duty fuel cell technology.
- One-third (33.3%)
- 560
- 700
- Year-end 2026 or early 2027
What Happened
Toyota, Volvo Group, and Daimler Truck AG have signed a binding agreement for Toyota to join cellcentric as an equal partner, with each owner holding a one-third stake. The deal follows a non-binding agreement signed at the end of March 2026 and is subject to regulatory approvals. Upon completion, Toyota will become an equal partner alongside the two founding companies, with the goal of strengthening cellcentric's technological lead, industrial scale, and competitiveness in heavy-duty fuel cell technology.
The partners plan to collaborate on equal terms and actively support the development of hydrogen supply and infrastructure through partnerships across the entire hydrogen value chain. cellcentric will continue to operate as an independent autonomous company, serving customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, marine, rail, and heavy off-highway equipment. Despite the joint ownership, Volvo Group, Daimler Truck AG, and Toyota will continue to compete independently in all other areas of their businesses.
560employees
The company has highly qualified staff working at sites in Germany and Canada.
700individual patents
The patents underline cellcentric's leading role in fuel cell technology development.
cellcentric founded as a joint venture of Daimler Truck AG and Volvo Group.
Non-binding agreement signed for Toyota to join cellcentric.
Binding agreement signed for Toyota to become equal shareholder.
Expected completion of the transaction, subject to regulatory approvals.
- On-road heavy-duty transport
- Off-road heavy-duty transport
- Coaches
- Stationary power generation
- Marine and rail
- Heavy off-highway equipment
Why this matters
This three-way partnership pools the expertise of three global transportation leaders to accelerate the development and commercialization of fuel cell systems for trucks and other heavy-duty vehicles. For fleet operators and logistics companies, it signals a more serious push toward zero-emission hydrogen solutions, potentially expanding the availability of fuel cell trucks and the hydrogen refueling infrastructure needed to run them.
Terms in This Story
- fuel cell
- A device that converts hydrogen and oxygen into electricity, producing only water vapor as a byproduct, used to power vehicles.
- joint venture
- A business arrangement where two or more parties share ownership and control of a new company or project.
- hydrogen value chain
- The entire sequence of activities from hydrogen production, storage, and distribution to its use in applications like fuel cells.
Summarised from the linked release; details can be imperfect — always verify against the original source.