The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation have signed a binding agreement under which Toyota will join cellcentric as an equal partner and shareholder. Following completion of the transaction, the three shareholders — Volvo Group, Daimler Truck and Toyota Motor Corporation — will each hold a one-third stake in cellcentric. The agreement follows the nonbinding agreement announced at the end of March 2026 and remains subject to regulatory approvals.
The partnership is intended to further strengthen cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications. By working together on equal terms, the three shareholders aim to advance cellcentric’s technological leadership, increase industrial scale and strengthen its competitiveness in heavy-duty fuel cell technology.
The partners also plan to collaborate with industry associations and stakeholders across the hydrogen value chain to support the development of hydrogen supply and infrastructure and help accelerate the growth of the wider hydrogen ecosystem.
cellcentric will continue to operate as an independent and autonomous company, serving a broad customer base across heavy-duty on-road and off-road transportation. Its applications will also include coaches, stationary power generation, rail and heavy off-highway equipment. Outside their collaboration through cellcentric, Volvo Group, Daimler Truck and Toyota Motor Corporation will remain independent competitors across their respective businesses.
The transaction is expected to close around the end of 2026 or the beginning of 2027, subject to the receipt of the necessary regulatory approvals.
