Toyota Motor Corporation has signed a non-binding memorandum of understanding to join Daimler Truck and the Volvo Group as an equal shareholder in cellcentric, their hydrogen fuel cell joint venture. The agreement would make Toyota the third partner in the venture, which develops and produces fuel cell systems for heavy-duty commercial vehicles.
Highlights
- Toyota to become equal partner: Toyota plans to invest through a capital increase in cellcentric, matching Daimler Truck and Volvo Group’s ownership stakes.
- Joint unit cell development: Toyota and cellcentric intend to co-manage development and production of fuel cell unit cells, the core component of fuel cell systems.
- Complementary expertise: The deal combines Daimler Truck and Volvo’s commercial vehicle knowledge with Toyota’s 30-plus years of fuel cell development and manufacturing experience.
- Non-binding agreement: The signed MOU is non-binding, with a legally binding deal still subject to board and regulatory approvals.
What Cellcentric Does
Cellcentric was founded in 2021 as a joint venture between Daimler Truck and the Volvo Group. The company develops, produces, and commercializes fuel cell systems for heavy-duty on- and off-road transport, as well as stationary applications. It employs more than 560 people across sites in Kirchheim/Teck, Esslingen, and Stuttgart in Germany, along with Burnaby, Canada. The company holds roughly 700 individual patents.
Why Toyota Is Joining
The three companies have each positioned hydrogen as a key pathway for decarbonizing heavy transport. Toyota brings deep passenger-car fuel cell expertise, while Daimler Truck and Volvo contribute commercial vehicle integration experience. Together, they aim to achieve the scale and investment efficiency needed to bring competitive fuel cell systems to market.
Additionally, Toyota and cellcentric plan to jointly manage the development and production of fuel cell unit cells — along with directly linked architecture and control elements — drawing on technology from both companies.
Cellcentric will continue to operate independently, serving customers beyond its three shareholders.
What Leadership Said
Karin Rådström, President and CEO of Daimler Truck, said: “We are proud that Toyota plans to join cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe complements battery-electric drives in decarbonising transport.”
Koji Sato, President and CEO of Toyota, said: “We are deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society. cellcentric which possess deep expertise in commercial fields together with Toyota’s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver one of the world-leading fuel cell systems for heavy commercial vehicles.”
Martin Lundstedt, President and CEO of the Volvo Group, said: “We are thrilled to explore this collaboration with Toyota, so that we through cellcentric can accelerate and create critical mass for hydrogen applications. This is an important signal to customers, suppliers, and others in the ecosystem.”
Nicholas Loughlan, Managing Director and CTO of cellcentric, said: “We are extremely proud that Toyota intends to join as a shareholder of cellcentric – a great sign of trust in our company from one of the world’s leading automotive companies.”
What Comes Next
The parties will continue negotiations toward a legally binding agreement. Any final deal requires approval from all relevant boards and regulatory authorities. Daimler Truck, Volvo, and Toyota will continue to compete independently in all other areas of their respective businesses.
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