Volvo, Daimler team on €1.2bn fuel cell joint venture

April 21, 2020 //By Christoph Hammerschmidt
Daimler Truck, Volvo join forces for fuel cell series production
Daimler Truck and the Volvo Group have launched a major joint venture for the production of fuel cells in volume to reduce costs.

The companies have signed a preliminary, non-binding agreement to establish a fuel cell manufacturing joint venture. The aim is to develop, produce and market fuel cell systems ready for series production for use in heavy commercial vehicles and other fields of application. Daimler will combine all its current fuel cell activities in the joint venture, and Volvo will acquire 50 per cent of the joint venture for €600m. 

"Transport and logistics keep the world running, while at the same time the need for transport continues to grow. Truly CO2-neutral transport will only be achieved by an electric drive train, whereby the energy can come from two sources: either from batteries or by converting hydrogen into electricity on board the vehicle. Fuel cells are a crucial solution for trucks used in heavy-duty long-distance haulage - a technology in which Daimler has already built up considerable expertise over the last two decades with Mercedes-Benz Fuel Cell. The partnership with the Volvo Group is a milestone in bringing fuel-cell-powered trucks and buses to our roads," said Martin Daum, Chairman of the Board of Management of Daimler Truck AG and Member of the Board of Management of Daimler AG.

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