By Dominic Chopping
Toyota Motor signed an agreement with truckmakers Volvo and Daimler Truck to collaborate on fuel cell technology.
Under the non-binding deal, the Japanese automaker aims to invest in fuel cell joint venture Cellcentric and become an equal shareholder.
The Cellcentric joint venture was formed by Volvo and Daimler Truck in 2021 to develop and produce fuel cell systems for use in heavy-duty trucks and other applications. Fuel cell technology produces electricity using hydrogen and oxygen.
"By combining Volvo's and Daimler Truck's extensive commercial vehicle expertise with Toyota's fuel cell development, production technology and manufacturing experience the aim is to further strengthen Cellcentric's technological advantage and market competitiveness," the companies said in a joint statement Tuesday.
The companies also aim to collaborate with industry associations and partners across the entire hydrogen value chain to support the development of hydrogen supply and infrastructure.
They will now continue talks and aim to reach a legally binding agreement.
If implemented, the agreement is not expected to result in any significant impact on the result or financial position of Volvo, the Swedish company said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
03-31-26 0256ET
