Volvo Group and Daimler Trucks have entered into a joint venture to develop, produce and commercialize hydrogen fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications.
The ambition of both partners is to make the new company a leading global manufacturer of fuel cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.
Volvo will acquire 50 percent of the partnership interests in Daimler Truck Fuel Cell for approximately €600 million on a cash and debt-free basis. Closing of the transaction is expected during the first half of 2021. [Read more…] about Daimler and Volvo launch €1.2 billion venture to develop hydrogen fuel-cell technology for trucks