Toyota Motor Corp. has signed a binding agreement to enter a joint venture with the Volvo Group and Daimler Truck as an equal partner and shareholder in hydrogen fuel-cell company cellsonic.
This collaboration by the automaker groups as equal partners with cellcentric is expected to boost the company’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial vehicles.
The agreement follows the previous non-binding agreement signed at the end of March this year.
All four parties hope to build on cellcentric’s advances, industrial scale and competitiveness in heavy-duty fuel cell technology.
The collaboration will work with industry associations and partners across the hydrogen value chain, aiming to accelerate “development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem,” Toyota said in a July 27 statement.
Cellsonic, founded in 2021, holds about 700 patents related to hydrogen fuel-cell technology and employs more than 560 highly qualified employees working at sites in Esslingen, near Stuttgart, Germany, and Burnaby, British Columbia, Canada.
It will continue to operate as an independent and autonomous company and serve a broad range of customers in heavy-duty on-road and off-road transport. Cellsonic also serves other heavy-duty applications such as coaches, stationary power generation, marine, rail and heavy off-highway equipment.
The transaction is expected to be completed no later than the start of 2027 and is subject to regulatory approvals.
