Daimler Truck, the Volvo Group, Cellcentric and Toyota have signed a memorandum of understanding (MoU) on cooperation in the fuel cell joint venture Cellcentric. Toyota is to join the joint venture as a third equal partner. For this purpose, Toyota plans to acquire a stake in Cellcentric via a capital increase. The agreement is currently non-binding. The parties aim to conclude a legally binding agreement, which is subject to the approval of the respective boards and regulatory authorities.
Cellcentric to develop and produce fuel cells for heavy-duty commercial vehicles
As an independent company, Cellcentric is to develop, produce and market fuel cell systems for heavy-duty commercial vehicles and other heavy-duty applications. Toyota and Cellcentric intend to jointly take responsibility for the development and production of individual cells, the core component of fuel cell systems, as well as the associated system architecture and control elements. The commercial vehicle expertise of Daimler Truck and Volvo is to be combined with Toyota’s experience in fuel cell development and manufacturing.
In addition, the partners intend to actively support the development of hydrogen supply and hydrogen infrastructure in the early phase through cooperation with industry associations and partners along the entire hydrogen value chain.
Martin Lundstedt, President & CEO of the Volvo Group: “We are very much looking forward to evaluating this cooperation with Toyota in order to advance the development of hydrogen applications through cellcentric and to achieve the necessary critical mass. This is an important signal to customers, suppliers and other players in the ecosystem.”
Toyota contributes more than 30 years of fuel cell experience
Koji Sato, President and CEO of Toyota, said: “cellcentric has extensive expertise in fuel cells for commercial vehicles, which ideally complements Toyota’s more than 30 years of experience in fuel cell development in the passenger car sector. Together, we can create one of the world’s leading fuel cell systems for heavy-duty commercial vehicles.” Karin Rådström, President and CEO of Daimler Truck, stated: “This allows us to strengthen the development and scaling of hydrogen technologies that complement battery-electric drivetrains in the decarbonization of transport.”
“We are extremely proud that Toyota intends to join cellcentric as a shareholder, a strong vote of confidence in our company from one of the world’s leading automotive manufacturers,” said Nicholas Loughlan, Managing Director and CTO of cellcentric. “In this new constellation, we look forward to seizing the opportunity to further develop our company significantly along the entire value chain.”
Cellcentric: founded in 2021, more than 560 employees
Cellcentric was founded in 2021 as a joint venture of Daimler Truck and the Volvo Group. According to its own information, the company employs more than 560 people at locations in Kirchheim/Teck, Esslingen and Stuttgart, as well as in Burnaby, Canada. Around 700 individual patents underscore the company’s development work. In all other business areas, Daimler Truck, Volvo and Toyota will continue to compete independently of one another.
