Daimler: joint venture with Volvo in fuel cells
(CercleFinance.com) - Daimler Truck AG and Volvo have announced that they have completed a transaction to form a joint venture dedicated to fuel cells.
As part of this project, the Volvo Group acquired 50% of Daimler Truck Fuel Cell GmbH & Co. for approximately 600 million euros.
Their aim is to make this joint venture - renamed "cellcentric GmbH & Co. KG" - a leading global manufacturer of fuel cells, thus contributing to the move towards (more) environmentally friendly and sustainable transport by 2050, Daimler said.
Daimler Truck AG and Volvo believe that that testing of trucks equipped with fuel cells should begin within the next three years, while mass production could become operational from the second half of the decade.
Although Volvo and Daimler Truck AG have equal stakes in the joint venture, both companies point out that they remain competitors in all other areas, such as vehicle technology and the integration of fuel cells in trucks.
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As part of this project, the Volvo Group acquired 50% of Daimler Truck Fuel Cell GmbH & Co. for approximately 600 million euros.
Their aim is to make this joint venture - renamed "cellcentric GmbH & Co. KG" - a leading global manufacturer of fuel cells, thus contributing to the move towards (more) environmentally friendly and sustainable transport by 2050, Daimler said.
Daimler Truck AG and Volvo believe that that testing of trucks equipped with fuel cells should begin within the next three years, while mass production could become operational from the second half of the decade.
Although Volvo and Daimler Truck AG have equal stakes in the joint venture, both companies point out that they remain competitors in all other areas, such as vehicle technology and the integration of fuel cells in trucks.
Copyright (c) 2021 CercleFinance.com. All rights reserved.