Volvo, Toyota, & Daimler Truck Ink Memorandum For Fuel Cell Development

Toyota Motor Corporation is moving to join cellcentric as an equal shareholder alongside Volvo Group and Daimler Truck AG, following the signing of a non-binding memorandum of understanding among the parties.

The planned structure would give all three companies equal ownership in cellcentric, which will continue to operate as an independent entity focused on developing, producing, and commercializing fuel cell systems for heavy-duty transport and related applications.

“We are deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society. Cellcentric which possess deep expertise in commercial fields together with Toyota’s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver one of the world-leading fuel cell systems for heavy commercial vehicles. Toyota will continue to contribute to realising a hydrogen society alongside like-minded partners,” Koji Sato, President and CEO of Toyota, said in a statement.

The collaboration centers on accelerating fuel cell technology for trucks, off-road machinery, and stationary uses with similar performance requirements. Toyota is expected to contribute its fuel cell development and manufacturing expertise, built over more than 30 years in the passenger vehicle sector, while Volvo and Daimler Truck bring established capabilities in commercial vehicle engineering and deployment.

“This collaboration with Toyota through cellcentric can accelerate and create critical mass for hydrogen applications. This is an important signal to customers, suppliers, and others in the ecosystem. Given the importance of accelerating the transformation into net-zero transportation, the need of great companies coming together and collaborating is more important than ever. Welcoming Toyota onboard will be a big leap towards realising decarbonisation of our industries,” Martin Lundstedt, President and CEO, Volvo Group commented.

“We are extremely proud that Toyota is intending to join as a shareholder of cellcentric – a great sign of trust in our company from one of the world‘s leading automotive companies,” said Nicholas Loughlan, Managing Director, cellcentric. A key component of the agreement is the joint development and production of fuel cell unit cells, the core elements of fuel cell systems, along with associated architecture and control systems. The partners aim to combine their respective technologies to produce competitive fuel cell solutions at scale.

cellcentric, established in 2021 as a joint venture between Volvo Group and Daimler Truck, currently employs more than 560 people across Germany and Canada and holds roughly 700 patents related to fuel cell technology. The company is positioned as a future global Tier 1 supplier of fuel cell systems.

“We are proud that Toyota plans to join cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe must complement battery-electric drives in decarbonising transport,” Karin Rådström, President & CEO, Daimler Truck emphasized.

The three companies identified hydrogen as a key energy carrier for decarbonizing heavy transport, particularly in segments where battery-electric solutions face limitations. Through cellcentric, they intend to scale development and industrialization of fuel cell systems while also supporting the buildout of hydrogen infrastructure in collaboration with industry partners.

cellcentric will remain open to serving a broad customer base beyond its shareholders, even as Volvo, Daimler Truck, and Toyota continue to compete independently in their respective vehicle businesses.

“Together, in this new set-up, we look forward to seizing the opportunity to significantly improve our company across the entire value chain.” Nicholas Loughlan, Managing Director cellcentric, told the media at the press announcement.