Toyota to join cellcentric as equal shareholder

The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation announced they have signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each company to hold a third of the ownership. The agreement follows the previous non-binding agreement signed at the end of March this year.

Upon completion of the transaction, the parties plan to collaborate on equal terms, with the aim of strengthening cellcentric’s technological lead, industrial scale and competitiveness in heavy-duty fuel cell technology for commercial applications. Through collaboration with industry associations and partners across the entire hydrogen value chain, the partners aim to actively support the development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem.

According to the announcement in March, Toyota and cellcentric will jointly manage development and production of the fuel cell unit cells – the core component of fuel cell systems – linking architecture and control elements to create competitive products based on tech from both companies.

cellcentric will continue to operate as an independent and autonomous company serving a range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, rail and heavy off-highway equipment. The Volvo Group, Daimler Truck and Toyota Motor Corporation will continue to compete independently in all other areas of their respective businesses.

Completion of the transaction is expected around year end 2026 or start of 2027 and is subject to obtaining regulatory approvals.