Daimler Truck AG and the Volvo Group are joining forces to develop and produce fuel cells for heavy duty vehicles.
Daimler will consolidate all of its current fuel cell activities into the new 50:50 joint venture, and Volvo Group will acquire 50% in the joint venture for the sum of approximately €0.6bn (£0.52bn).
“For trucks to cope with heavy loads and long distances, fuel cells are one important answer and a technology where Daimler has built up significant expertise through its Mercedes-Benz fuel cell unit over the last two decades,” said Martin Daum, chairman of the board of management Daimler Truck AG (above left). “This joint initiative with the Volvo Group is a milestone in bringing fuel cell powered trucks and buses onto our roads.”
“By forming this joint venture, we are clearly showing that we believe in hydrogen fuel cells for commercial vehicles,” added Martin Lundstedt, Volvo Group president and CEO, who called for other companies and institutions to help establish a hydrogen fuel infrastructure.
The first fuel cell trucks from this joint venture are expected to go into production by the second half of this decade.