Toyota Motor Corporation will take a one-third stake in cellcentric under a binding agreement with the Volvo Group and Daimler Truck AG, leaving each of the three owners with an equal share of the heavy-duty fuel cell manufacturer. The binding agreement converts a non-binding deal the parties reached in late March and remains conditional on regulatory approvals. Completion is expected around year end 2026 or the start of 2027. The companies say the arrangement is intended to strengthen cellcentric’s position as a developer and manufacturer of fuel cell systems for heavy-duty commercial applications.
Highlights
- Equal three-way ownership: Toyota, the Volvo Group and Daimler Truck AG will each hold one third of cellcentric once the transaction closes.
- Closing window: completion is expected around year end 2026 or the start of 2027, subject to regulatory approvals.
- Venture scale: cellcentric employs more than 560 people across sites in Kirchheim/Teck, Esslingen and Stuttgart, Germany, and Burnaby, Canada, and holds roughly 700 individual patents.
- No earnings effect: the Volvo Group said the transaction is not expected to materially affect its earnings or financial position.
What the Binding Agreement Changes
Toyota signaled its intent in late March, when the parties signed a non-binding agreement covering the same equal-shareholder structure. The binding version commits the four parties — the Volvo Group, Daimler Truck AG, cellcentric and Toyota — to the transaction, with regulatory clearance the remaining condition.
The three owners plan to collaborate on equal terms. According to the companies, the objective is to strengthen cellcentric’s technological position, industrial scale and competitiveness in heavy-duty fuel cell technology. The partners also intend to work with industry associations and other companies across the hydrogen value chain to support the buildout of hydrogen supply and infrastructure.
How Will cellcentric Operate Under Three Owners?
cellcentric will continue to operate as an independent and autonomous company, the parties said, serving a broad customer base rather than only its shareholders. The Volvo Group, Daimler Truck AG and Toyota will continue to compete independently in every other area of their respective businesses.
Applications Beyond On-Road Trucking
cellcentric’s addressable market extends past Class 8 tractors. The company targets heavy-duty on-road and off-road transport alongside coaches, stationary power generation, marine, rail and heavy off-highway equipment — applications the partners group under comparable duty-cycle and durability requirements.
Deal Timeline and Financial Impact
Closing is expected around year end 2026 or the start of 2027, pending regulatory approvals. The Volvo Group stated that the transaction is not expected to have a material impact on its earnings or financial position.
cellcentric was founded in 2021 as a joint venture of Daimler Truck AG and the Volvo Group, drawing on fuel cell development work carried out by its predecessor companies. The company describes its goal as becoming a global tier 1 supplier of fuel cell systems.
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