Toyota to become equal shareholder in fuel cell company cellcentric
Toyota Motor Corporation has signed a binding agreement to join cellcentric as an equal shareholder alongside Volvo Group and Daimler Truck. The deal is expected to strengthen the development and manufacturing of fuel cell systems for heavy-duty applications.
GOTHENBURG, Sweden – Toyota Motor Corporation has signed a binding agreement to become an equal partner and shareholder in cellcentric, the fuel cell company, alongside Volvo Group and Daimler Truck. Under the new agreement, each of the three companies will hold one-third ownership.
The transaction remains subject to regulatory approvals. The parties aim to strengthen cellcentric's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications. The collaboration also seeks to actively support the development of hydrogen supply and infrastructure, unlocking the hydrogen ecosystem through industry partnerships.
cellcentric will continue to operate as an independent entity, serving customers across heavy-duty road and off-road transport, as well as other applications like coaches, stationary power, and heavy off-highway equipment. Volvo Group, Daimler Truck, and Toyota Motor Corporation will maintain independent competition in their other business areas.
The transaction is expected to be completed by the end of 2026 or early 2027. Volvo Group stated that the deal is not anticipated to have a material impact on its earnings or financial position.