Toyota, Volvo Group and Daimler Truck sign binding agreement for Toyota to join cellcentric as equal shareholder

The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation (Toyota) have signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each owner to hold one third.

The agreement follows the previous non-binding agreement signed at the end of March this year. Completion of the transaction is conditional upon obtaining regulatory approvals. Through the collaboration, the parties intend to strengthen cellcentric's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.

Upon completion of the transaction, Toyota will become an equal partner in cellcentric together with the Volvo Group and Daimler Truck AG. The parties plan to collaborate on equal terms, with the aim of strengthening cellcentric's technological lead, industrial scale and competitiveness in heavy-duty fuel cell technology. 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.

cellcentric will continue to operate as an independent and autonomous company and serve 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, marine, rail and heavy off-highway equipment. The Volvo Group, Daimler Truck AG and Toyota will continue to compete independently in all other areas of their respective businesses.

Completion of the transaction is expected around year end 2026 or the start of 2027 and is subject to obtaining regulatory approvals.

About cellcentric

cellcentric develops, produces, and commercialises fuel cell systems for use in heavy-duty commercial vehicles and other applications with comparable requirements. It is a joint venture of Daimler Truck AG and the Volvo Group founded in 2021. The company benefits from the know-how and extensive experience gained from decades of developing fuel cell systems by its predecessor companies. cellcentric's goal is to become a global manufacturer and tier 1 supplier of fuel cell systems and thus contirbute to climate-neutral and sustainable transportation. More than 560 highly qualified employees are continuously advancing cellcentric's state-of-the-art fuel cell technology. They work in interdisciplinary teams at sites in Kirchheim/Teck, Esslingen, Stuttgart (Germany) and Burnaby (Canada). Roughly 700 individual patents underline cellcentric's leading role in fuel cell technology development.

ENDS