The Volvo Group, Daimler Truck, and Toyota Motor Corporation have signed a binding agreement for Toyota to become an equal partner and shareholder in cellcentric, the fuel cell systems developer jointly owned by Volvo and Daimler Truck. Upon completion, each of the three companies will hold a one-third stake in cellcentric. The transaction is expected to be completed around year-end 2026 or early 2027, subject to regulatory approvals.
Cellcentric was established as a joint venture between the Volvo Group and Daimler Truck to develop and manufacture fuel cell systems for heavy-duty commercial applications. Toyota’s entry as an equal partner is intended to strengthen cellcentric’s technological lead, industrial scale, and competitiveness in heavy-duty fuel cell technology.
The three partners plan to collaborate on equal terms while continuing to compete independently in all other areas of their respective businesses. Together, they also aim to support the development of hydrogen supply and infrastructure, and contribute to building out the broader hydrogen ecosystem through collaboration with industry associations and value chain partners.
Cellcentric will continue to operate as an independent and autonomous company, serving customers across heavy-duty on-road and off-road transport, coaches, stationary power generation, rail, and heavy off-highway equipment. The transaction is not expected to have any material impact on the Volvo Group’s earnings or financial position.
