Toyota Motor Corporation is set to join Volvo Group and Daimler Truck AG as an equal shareholder in fuel cell joint venture, cellcentric.
This follows the signing of a non-binding Memorandum of Understanding between the parties.
The agreement outlines plans for Toyota to invest in cellcentric and become a third equal partner, combining expertise to accelerate development, production and commercialisation of fuel cell systems for heavy duty transport and related applications.
The partners said Toyota’s fuel cell development, production technology and manufacturing experience would complement Volvo and Daimler Truck’s commercial vehicle capabilities, strengthening cellcentric’s competitiveness and technological edge.
The collaboration will also include joint management of fuel cell unit cell development and production, considered the core component of fuel cell systems, along with associated architecture and control systems.
All three companies position hydrogen as a key pathway to decarbonising transport and aim to scale innovation through cellcentric, while supporting hydrogen infrastructure development with industry partners.
Martin Lundstedt, President and CEO, Volvo Group, said: “We are thrilled to explore this collaboration with Toyota, so that we through cellcentric can accelerate and create critical mass for hydrogen applications. This is an important signal to customers, suppliers, and others in the ecosystem. Given the importance of accelerating the transformation into net-zero transportation, the need of great companies coming together and collaborating is more important than ever. Welcoming Toyota onboard will be a big leap towards realising decarbonisation of our industries.”
Karin Rådström, President & CEO, Daimler Truck, said: “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 must complement battery-electric drives in decarbonising transport.”
Koji Sato, President and CEO, Toyota, said: “We are deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society. cellcentric which possess 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 one of the world-leading fuel cell systems for heavy commercial vehicles. Toyota will continue to contribute to realising a hydrogen society alongside like-minded partners.”
Nicholas Loughlan, Managing Director, cellcentric, added: “We are extremely proud that Toyota is intending to join as a shareholder of cellcentric – a great sign of trust in our company from one of the world‘s leading automotive companies. Together, in this new set-up, we look forward to seizing the opportunity to significantly improve our company across the entire value chain.”
Cellcentric will continue to operate as an independent entity serving on- and off-road heavy-duty applications, as well as stationary uses. The three shareholders will remain competitors in other areas while leveraging shared scale and investment efficiency in fuel cell development.
The agreement is non-binding, with further negotiations to follow and any final deal subject to regulatory and board approvals.
In other news, Zenobē will commit $100 million to accelerate the rollout of zero-emission freight across Australia.
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