Toyota Motor Corporation, the Volvo Group, Daimler Truck AG, and cellcentric have signed a binding agreement under which Toyota will join cellcentric as an equal shareholder. Upon completion of the transaction, each of the three automotive companies—Toyota, Volvo Group, and Daimler Truck AG—will hold a one-third ownership stake in the fuel cell joint venture.
The agreement follows the non-binding memorandum signed in March this year and remains subject to the necessary regulatory approvals. Through this strategic partnership, the companies aim to further strengthen cellcentric’s position as a leading developer and manufacturer of hydrogen fuel cell systems for heavy-duty commercial vehicles, accelerating the adoption of zero-emission transport solutions.
Upon completion of the transaction, Toyota will become an equal partner in cellcentric together with the Volvo Group and Daimler Truck AG. 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. 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.
cellcentric will continue to operate as an independent and autonomous company, serving a diverse customer base across heavy-duty on-road and off-road transportation, as well as sectors including coaches, stationary power generation, marine, rail, and heavy off-highway equipment. Meanwhile, Toyota, the Volvo Group, and Daimler Truck AG will continue to compete independently across all other areas of their respective businesses.
The transaction is expected to be completed by the end of 2026 or early 2027, subject to the required regulatory approvals.
Established in 2021 as a joint venture between Daimler Truck AG and the Volvo Group, cellcentric develops, manufactures, and commercializes hydrogen fuel cell systems for heavy-duty commercial vehicles and other demanding applications. The company leverages decades of combined expertise in fuel cell technology from its founding partners and aims to become a global manufacturer and Tier 1 supplier of advanced fuel cell systems, supporting the transition to climate-neutral and sustainable transportation.
Today, cellcentric employs more than 560 specialists working across its facilities in Kirchheim/Teck, Esslingen, Stuttgart (Germany), and Burnaby (Canada). Its leadership in fuel cell innovation is further reinforced by a portfolio of approximately 700 patents, highlighting the company’s continued focus on advancing next-generation hydrogen fuel cell technology.
