Daimler Truck and the Volvo Group on Monday announced completion of the transaction to form their previously announced fuel cell joint venture.

Volvo has acquired half of the partnership interests in the existing Daimler Truck Fuel Cell for SEK6.3bn (EUR0.6bn) on a cash and debt-free basis.

The ambition is to make the new joint venture a leading global manufacturer of fuel cells with a goal of climate-neutral and sustainable transport by 2050.

The partners have renamed the company Cellcentric.

The joint venture will develop, produce and commercialise fuel cell systems for use in heavy duty trucks as the primary focus, as well as other applications.

A key goal is to start customer tests in about three years and to commence series production during the second half of the decade.

Though the partners own equal interests in the joint venture, they continue to compete in all other areas such as vehicle technology and fuel cell integration in trucks.

Last November, they signed a binding agreement for the joint venture. A preliminary non-binding agreement had been signed earlier in April 2020.

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