Volvo Group, Daimler Truck AG and cellcentric have signed a non-binding agreement with Toyota Motor Corporation to cooperate in the fuel cell system joint venture cellcentric.
Daimler and Volvo first announced the joint venture in 2021.
The three companies intend to collaborate based on an equal shareholding with Toyota as the third joint venture partner to cellcentric. The combination of the parties’ complementary experience and know-how will support and accelerate their joint objective to develop, produce and commercialize 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 — and directly linked architecture and control elements with the aim of creating competitive products based on the technologies of both companies.
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By combining Volvo’s and Daimler Truck’s extensive commercial vehicle expertise with Toyota’s fuel cell development, production technology and manufacturing experience the aim is to further strengthen cellcentric’s technological advantage and market competitiveness. The companies state it is intended that cellcentric will be the joint centre of competence that develops, produces and commercializes fuel cell systems for heavy-duty on- and off-road transport and other heavy-duty applications with comparable requirements.
Furthermore, through collaboration with industry associations and partners across the entire hydrogen value chain, the partners state they aim to actively support the development of hydrogen supply and infrastructure in the early stages.
“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,” says Martin Lundstedt, president and CEO at Volvo Group, “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 realizing decarbonization of our industries.”
Karin Rådström, president and CEO, Daimler Truck, adds, “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 decarbonizing transport.”
Toyota President and CEO Koji Sato also notes, “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 realizing a hydrogen society alongside like-minded partners.”
Volvo, Daimler Truck and Toyota aim for equal shares in cellcentric, which will continue to operate as an independent and autonomous entity, serving a wide range of customers across heavy-duty on- and off- road transport as well as heavy-duty stationary applications.
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Volvo, Daimler Truck and Toyota will continue to compete independently in all other areas of their respective businesses. The companies state the collaboration brings together complementary capacities to achieve the scale and investment efficiency necessary to commercialize competitive fuel cell systems.
In order to secure hydrogen fuel cells as one of the key technologies to support the decarbonization of transport worldwide, the OEMs state cooperation has become increasingly necessary. Moreover, this step aims at contributing to the long-term vision of the European Green Deal objectives and the hydrogen society act in Japan. Since its early days, hydrogen has been advanced through collaboration among many stakeholders, and cooperation is the foundation for its growth. Together with like-minded partners, the parties state they intend to share technological developments and address common challenges, with the aim of achieving sustainable and effective implementation of fuel cell systems for heavy-duty applications.
“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,” says Nicholas Loughlan, managing director at cellcentric.
The signed agreement is non-binding. The parties will continue discussions and aim to reach a legally binding agreement, which will be subject to approval by all relevant parties and by the respective boards and authorities.
