German group, Daimler Truck, and Swedish truck maker, the Volvo Group, have wrapped up the deal to form a fuel-cell joint venture (JV).
The Volvo Group has acquired 50% of the interest in the existing Daimler Truck Fuel Cell company for about 600-million euro on a cash and debt-free basis.
The partners say the ambition is to make the new JV a leading global manufacturer of fuel cells, in an effort to move towards climate-neutral and sustainable transportation by 2050.
Daimler Truck and the Volvo Group have agreed to rename the company cellcentric.
The JV 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 of Daimler Truck and the Volvo Group is to start with customer tests of trucks with fuel cells in about three years, and to kick off series production during the second half of this decade.
The Volvo Group and Daimler Truck own equal interests in the JV, but say they will continue to be competitors in all other areas, such as vehicle technology and fuel-cell integration in trucks.