Toyota plans to join Daimler Truck and Volvo Group as an equal shareholder in cellcentric.

Germany / Gothenburg, Sweden / Tokyo, Japan- Daimler Truck AG., the Volvo Group, cellcentric and Toyota Motor Corporation have signed a non-binding agreement to deepen their cooperation in the fuel cell system joint venture, cellcentric. Under the proposed arrangement, Toyota is expected to join cellcentric as a third equal shareholder alongside Daimler Truck and Volvo Group. The collaboration aims to combine the partners’ complementary expertise to accelerate the development, production and commercialization of fuel cell systems for heavy-duty vehicles and other demanding applications with similar requirements.

As part of the planned cooperation, Toyota and cellcentric also intend to jointly oversee the development and production of fuel cell unit cells, which are the core components of fuel cell systems, along with closely connected architecture and control technologies. By bringing together Daimler Truck and Volvo Group’s extensive commercial vehicle knowledge with Toyota’s long-standing fuel cell research, manufacturing technology and production capabilities, the companies aim to strengthen cellcentric’s technological edge and improve its competitiveness in the global market.

The partners envision cellcentric continuing as an independent and autonomous company that serves a broad customer base across heavy-duty on-road and off-road transport, as well as stationary heavy-duty applications. In addition to advancing fuel cell technology, Daimler Truck, Volvo Group and Toyota also aim to support the early development of hydrogen supply networks and infrastructure by working closely with industry associations and stakeholders across the hydrogen value chain.

All three companies view hydrogen as one of the key energy sources needed to decarbonize transport. Through cellcentric, they aim to accelerate innovation in fuel cell systems and contribute to the broader realization of a hydrogen-based society.

Ms. Karin Rådström, President and CEO of Daimler Truck, said the planned inclusion of Toyota as a shareholder would help strengthen development efforts and further scale hydrogen technology, which the company sees as an important complement to battery-electric drivetrains in the transition to cleaner transport.

Mr. Andreas Gorbach, Daimler Truck Board Member responsible for Truck Technology and former CEO of cellcentric, described the planned partnership with Toyota as a major milestone. He noted that working alongside the world’s largest automotive manufacturer and a pioneer in fuel cell technology could be transformative for hydrogen mobility and reinforce cellcentric’s role as a global leader in commercial vehicle fuel cell systems.

Mr. Martin Lundstedt, President and CEO of Volvo Group, said the company is excited to explore the collaboration with Toyota, emphasizing that the partnership could accelerate hydrogen applications and create critical scale in the market. He added that such cooperation sends a strong signal to customers, suppliers and the broader ecosystem, while also underlining the importance of partnerships in achieving net-zero transportation.

Mr. Koji Sato, President and CEO of Toyota, expressed appreciation for the opportunity to join Daimler Truck and Volvo Group in advancing a hydrogen society. He highlighted that cellcentric’s strong expertise in commercial vehicles, combined with Toyota’s more than three decades of fuel cell development in passenger vehicles, could create one of the world’s leading fuel cell systems for heavy commercial vehicles. He also reaffirmed Toyota’s commitment to working with like-minded partners to help build a hydrogen-powered future.

Mr. Nicholas Loughlan, Managing Director and CTO of cellcentric, said the company is proud that Toyota intends to become a shareholder, describing it as a strong vote of confidence from one of the automotive industry’s leading companies. He added that the new structure would provide a major opportunity to strengthen cellcentric across the entire value chain.

To establish the planned equal ownership structure, Toyota intends to participate in a capital increase by investing in cellcentric. Despite the collaboration, Daimler Truck, Volvo Group and Toyota will continue to compete independently in all other areas of their businesses. The companies believe the partnership will provide the scale and investment efficiency needed to commercialize competitive fuel cell systems more effectively.

The move also reflects the growing importance of cooperation in securing hydrogen fuel cells as a key technology for global transport decarbonization. The initiative is aligned with broader sustainability ambitions, including the European Green Deal and Japan’s hydrogen society goals. The partners believe that collaboration across the industry is essential to overcoming common challenges and ensuring the successful and sustainable deployment of fuel cell systems for heavy-duty applications.

The agreement signed by the companies is currently non-binding. Discussions will continue with the aim of reaching a legally binding agreement, subject to approval from the relevant parties, their boards and regulatory authorities.

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