The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation have officially signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric.
With each owner set to hold a third each; the agreement follows a previously non-binding agreement signed at the end of March.
Once the transaction has been completed, all parties intend to strengthen cellcentric’s position as a developer and manufacturer of fuel cell systems for heavy-duty commercial applications.
The Toyota Motor Corporation is now set to become an equal partner in cellcentric alongside both the Volvo Group and Daimler Truck, with all involved planning to collaborate on equal terms and, through collaboration with industry associations and partners across the entire hydrogen value chain, actively support the development of both hydrogen supply and infrastructure.
Throughout the process and beyond, cellcentric will continue to operate as an independent and autonomous company, selling to customers in both heavy-duty and off-road transport sectors, as well as other heavy-duty applications such as coaches, stationary power generation, rail and heavy off-highway equipment.
Completion of the transaction is expected around the end of 2026 or start of 2027, subject to the receipt of regulatory approvals.
