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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.”

Joint Venture Für Die Serienproduktion Von Brennstoffzellen: Volvo Group Und Daimler Truck Ag Unterzeichnen Verbindliche Vereinbarung Für Neues Brennstoffzellen Joint Venture Joint Venture For Large Scale Production Of Fuel Cells: Volvo Group And D

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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