The Volvo Group and Daimler Truck will develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks. The two companies have also a signed binding agreement for a joint venture that will globally manufacturer fuel-cells.
The Volvo Group will acquire 50 percent of the partnership interests in Daimler Truck Fuel Cell GmbH & Co. KG for approximately EUR 0.6 billion on a cash and debt-free basis, according to in the Press Release. The JV will take advantage of the expertise and experience from several decades of development work on fuel-cells at Daimler.
Together, the Volvo Group and Daimler Truck AG have longstanding experience in technology development, industrialization and large-scale vehicle production. The companies said that they will take a similar position in fuel-cells that the Volvo Group and Daimler Truck AG have in commercial vehicles. In addition to trucks,the JV also plans to explore other areas of application for this type of fuel-cell system such as stationary power generation.
Closing of the transaction is expected during the first half of 2021. The transaction is still subject to merger control review by relevant authorities, as well as other approvals..
