Volvo Group and Daimler Truck finalise fuel cell joint venture
By Jim Gibbins - 25th March 2021
Sweden / Germany - Daimler Truck AG of Stuttgart, Germany and the Volvo Group of Gothenburg, Sweden have completed transactions allowing the formation of their previously announced fuel-cell joint venture.
Volvo Group has acquired 50% of the interests of Daimler Truck Fuel Cell GmbH & Co KG of Kircheim, Germany for approximately SEK6.3bn (EUR0.6bn) on a cash and debt-free basis to establish a joint venture with Daimler. The joint venture aims to become a leading global manufacturer of fuel cells produced on a commercially viable scale to facilitate cost-effective vehicle and other applications and take a major step towards climate-neutral and sustainable transportation by 2050. Daimler Truck AG and the Volvo Group have agreed to rename the company cellcentric GmbH & Co. KG. It is understood the new JV will operate out of the same premises in Kircheim.
