Daimler Truck AG and the Volvo Group complete creation of fuel-cell joint venture: cellcentric.

Daimler Truck AG and the Volvo Group complete creation of fuel-cell joint venture: cellcentric.

March 01, 2021 – Daimler Truck AG and the Volvo Group today completed the transaction to form the previously announced fuel-cell joint venture. The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for approximately EUR 0.6 billion on a cash and debt-free basis. The ambition[1]The ambition of Mercedes-Benz Group is to reduce its CO₂ emissions by 2039 by 90 % in own production, by 80 % in vehicle use phase – as market conditions allow – and overall by 70 % across all relevant value chain stages compared to 2019. In addition, the Mercedes-Benz Group supports qualified climate change mitigation projects that meet recognized standards.
By 2049 at the latest, the Mercedes-Benz Group intends to achieve net-zero. Net-zero means that the CO₂ emissions will be reduced by at least 90% compared to 2019. Remaining CO₂ emissions (< 10%) will be neutralized permanently.
(further information see CTAP).
 is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world 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.

The joint venture will develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications. A key goal of Daimler Truck AG and the Volvo Group is to start with customer tests of trucks with fuel-cells in about three years and to commence series production during the second half of this decade.

The Volvo Group and Daimler Truck AG own equal interests in the joint venture, but continue to be competitors in all other areas such as vehicle technology and fuel-cell integration in trucks.

In November 2020, the Volvo Group and Daimler Truck AG signed a binding agreement for the joint venture. A preliminary non-binding agreement was already signed in April the same year.