Daimler Truck AG and Volvo Group have completed the transaction of their fuel-cell joint venture.
Volvo Group has acquired 50% of the partnership interests in the existing subsidery, Daimler Truck Fuel Cell GmbH & Co. KG, for around SEK 6.3 billion (NZ$1.03b) on a cash and debt-free basis.
The partnership was first announced in April last year with a preliminary non-binding agreement and in November a binding agreement was signed.
The new joint venture aims to be a leading global manufacturer of fuel-cells and hopes to “help the world take a major step towards climate-neutral and sustainable transportation by 2050,” it says.
Daimler Truck AG and the Volvo Group have agreed to rename the company ‘cellcentric’ GmbH & Co. KG.
The joint venture will develop, produce and commercialise fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications.
A key goal of Daimler Truck AG and Volvo Group is to start with customer tests of trucks with fuel-cells in about three years and to commence series production during the second half of this decade, it says.
The two companies own equal interests in the joint venture, but continue to be competitors in all other areas such as vehicle technology and fuel-cell integration in trucks.
