TOKYO (dpa-AFX) - AB Volvo (VLVLY), the Swedish automaker, Monday announced that the Volvo Group, Daimler Truck AG (DTRUY), cellcentric and Toyota Motor Corporation , have signed a binding agreement for Toyota to join cellcentric as an equal partner and shareholder, with each owner to hold a third each.
Through this partnership, the companies intend to strengthen cellcentric's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.
Through collaboration with industry associations and partners across the entire hydrogen value chain, the partners aim to actively support the development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem, the companies said in a statement.
Cellcentric will continue to operate as an independent and autonomous company, serving a broad range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, rail and heavy off-highway equipment.
The Volvo Group, Daimler Truck and Toyota Motor Corporation will continue to compete independently in all other areas of their respective businesses.
The transaction is expected to be completed around 2026 end or 2027 beginning.
Currently, Volvo shares are trading at €32.43, up 1.38% on the Frankfurt Stock Exchange.
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