Daimler and Volvo complete fuel-cell JV transaction


Entity named 'cellcentric' to develop and commercialise fuel-cell systems

Daimler and Volvo complete fuel-cell JV transaction
Volvo and Daimler Truck own equal interests in the JV, but continue to be competitors in all other areas such as vehicle technology and fuel-cell integration in trucks.

 

The transaction for the Volvo Group-Daimler Truck joint venture (JV) on fuel-cell technology for their respective commercial vehicles is now complete, both companies have announced.

The upshot is the Volvo has acquired 50 per cent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for some Euro$600 million (A$940 million) on a cash and debt-free basis.

The ambition is to make the new JV a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050, they explain.

In terms of nomenclature, Daimler Truck and Volvo have agreed to rename the company cellcentric GmbH & Co. KG.

According to the companies this JV will, "…develop, produce and commercialise 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," they state.

The Volvo and Daimler Truck own equal interests in the JV, but continue to be competitors in all other areas such as vehicle technology and fuel-cell integration in trucks.

Last November, the Volvo and Daimler Truck signed a binding agreement for the joint venture. Last April, a preliminary non-binding agreement was signed by both parties.

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