Volvo and Daimler sign JV agreement on fuel cell manufacture
By Jim Gibbins - 1st November 2020
Sweden / Germany - Volvo Group of Gothenburg, Sweden, and Daimler Truck AG have signed a binding agreement for a joint venture to develop, produce and commercialise fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications. They aim to make the new company a leading global manufacturer of fuel cells, taking a major step towards climate-neutral and sustainable transportation by 2050.
The arrangements for establishing the JV are for the Volvo Group to acquire 50% of the partnership interests in Daimler Truck Fuel Cell GmbH & Co. KG for approximately EUR0.6bn on a cash and debt-free basis, which would be concluded sometime during the first half of 2021, subject to merger control review by relevant authorities and other approvals.
