The Volvo Group and Daimler Truck AG have signed an agreement to form a joint venture to develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks. The ambition of both partners is to make the new company a leading global manufacturer of fuel cells.
The Volvo Group will acquire 50 percent of the partnership interests in Daimler Truck Fuel Cell GmbH & Co. KG for approximately EUR 0.6 billion on a cash and debt-free basis. Closing of the transaction is expected during the first half of 2021.
Martin Lundstedt, President and CEO of the Volvo Group, says: “In the future, the world will be powered by a combination of battery-electric and fuel-cell electric vehicles, along with other renewable fuels to some extent. The formation of our fuel-cell joint venture is an important step in shaping a world we want to live in.”
Martin Daum, Chairman of the Board of Management of Daimler Truck AG and Member of the Board of Management of Daimler AG. adds: “For us at Daimler Truck AG and our intended partner, the Volvo Group, the hydrogen-based fuel-cell is a key technology for enabling CO2-neutral transportation in the future. We are both fully committed to the Paris Climate Agreement for decarbonizing road transport and other areas, and to building a prosperous jointly held company that will deliver large volumes of fuel-cell systems.”
The Volvo Group and Daimler Truck AG will 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.
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