Toyota to acquire one-third stake in fuel cell venture cellcentric

Toyota Motor Corp. has agreed to acquire a one-third stake in cellcentric, the fuel cell joint venture owned by Volvo Group and Daimler Truck.

Upon closing, Toyota, Volvo and Daimler Truck will hold equal shares of cellcentric, according to a release today. The transaction is expected to close at the end of this or early 2027.

The agreement expands cellcentric’s technology, manufacturing scale and competitiveness in fuel cell systems for heavy-duty applications, according to the release.

The JV will continue operating as an independent company. Its target markets include heavy-duty on-road and off-road transportation, coaches, rail equipment, stationary power generation and heavy off-highway machinery.

The three shareholders also plan to work participants across the hydrogen value chain to support the development of hydrogen production, distribution and fueling infrastructure, according to the release.

Cellcentric formed in 2021 as a joint venture between Gothenburg, Sweden-based Volvo Group and Germany-based Daimler Truck. The company employs more than 560 people at operations in Germany and Burnaby, British Columbia, and holds about 700 patents related to fuel cell technology.

Volvo does not expect the transaction to materially affect its earnings or financial position, according to the release.

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