Volvo Group and Daimler Truck to form joint venture for large-scale production of hydrogen fuel cells
By Jim Gibbins - 1st May 2020
Sweden / Germany – Volvo Group of Gothenburg, Sweden and Daimler Truck AG (the truck division of Daimler AG) have announced plans to form a joint venture for large-scale production of hydrogen fuel cells for heavy commercial transportation applications.
The two companies have signed a preliminary non-binding agreement to establish the new joint venture to aid their mutual legal obligations of a carbon neutral Europe by 2050. A final agreement is expected by Q3 and for completion of the agreement before the end of this calendar year (2020). All potential transactions are subject to examination and approval by the responsible competition authorities.
