Volvo and Daimler will produce fuel cells for trucksNovember 4, 2020
Volvo Group and Daimler Truck AG have signed a binding agreement to establish a joint venture to develop and manufacture fuel cell systems for use in heavy trucks
The aim of the new agreement between the Volvo Group and Daimler Truck AG is to make the new joint venture a leading global fuel cell manufacturer and thus take an important step towards the introduction of harmless transport by 2050.
Volvo Group will acquire 50% of the partnership in Daimler Truck Fuel Cell GmbH & Co. KG worth approximately € 0.6 billion on a paperless and cash basis. The transaction is expected to close during the first half of 2021. The transaction is still subject to merger controls and other approvals.
Besides trucks, there are other uses for this type of fuel cell system. The joint venture will develop a system with multiple power levels, including a dual system with continuous power of 300 kW for long-haul tractors. Considering the requirements for heavy goods vehicles, the joint venture’s products are also ideal for other use cases such as stationary power generation.
In 2020, Rolls-Royce plc and Daimler Truck AG signed a cooperation agreement on stationary fuel cell generators for CO2-neutral emergency power supply for critical facilities such as data centers. It is intended to offer emission-free alternatives to diesel engines currently used in generators for emergency use. The final cooperation agreement is expected to be signed by the end of the year.
The Volvo Group and Daimler Truck AG will have equal interests in the joint venture, but will remain competitors in all other areas such as vehicle technology and the integration of fuel cells into trucks. The goal of both companies is to start testing fuel cell trucks in about three years and start series production in the second half of this decade.
- The interior of the new Genesis G90 was first shown in the photo
- Hyundai showed the updated crossover Tucson L
- Audi TTS Competition Plus for the European market will be more powerful
- The prices for the new SUV from Nissan have been announced
- Rolls-Royce cars get new body colors