Toyota aims to join Daimler Truck, Volvo Group as equal shareholder in fuel-cell JV
Toyota Motor Corporation has signed a non-binding agreement with Daimler Truck and the Volvo Group to participate in their fuel-cell system joint venture (JV), cellcentric.
The three companies intend to collaborate based on an equal shareholding.
The objective of the JV is to develop, produce and commercialise fuel-cell systems for heavy-duty vehicles and other heavy-duty applications with comparable requirements.
Additionally, Toyota and cellcentric intend to jointly manage the development and production of fuel-cell unit-cells — the core component of fuel-cell systems — as well as the directly linked architecture and control elements.
Further, through collaboration with industry associations and partners across the hydrogen value-chain, the cellcentric partners aim to actively support the development of hydrogen supply and infrastructure.
“We are proud that Toyota plans to join cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe complements battery-electric drives in decarbonising transport,” says Daimler Truck president and CEO Karin Rådström.
“Joining forces with the world’s largest automotive manufacturer and fuel-cell pioneer is a privilege for us – and a game changer in making hydrogen in transportation a reality – and [it makes] cellcentric the go-to place for fuel-cell technology in commercial vehicles worldwide,” adds Daimler Truck truck technology board member Andreas Gorbach.
“We are thrilled to explore this collaboration with Toyota, so that we, through cellcentric, can accelerate and create critical mass for hydrogen applications,” notes Volvo Group president and CEO Martin Lundstedt.
Toyota president and CEO Koji Sato says the Japanese manufacturer is grateful for the opportunity to join Daimler Truck and Volvo Group as partners in building a hydrogen society.
“cellcentric, which possesses deep expertise in commercial fields, together with Toyota’s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver world-leading fuel-cell systems for heavy commercial vehicles.”
To achieve an equal shareholder structure, Toyota plans to participate in a capital increase in cellcentric by investing in the company.
Daimler Truck, Volvo and Toyota will continue to compete independently in all other areas of their respective businesses.
cellcentric’s goal is to become a global manufacturer and Tier 1 supplier of fuel-cell systems.
More than 560 cellcentric employees work in interdisciplinary teams at sites in Germany and Canada, with roughly 700 individual patents already linked to the JV.
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