Toyota is deepening its commitment to hydrogen-powered commercial vehicles by joining cellcentric as an equal shareholder alongside the Volvo Group and Daimler Truck AG.
The three companies have signed a binding agreement that will see Toyota acquire a one-third stake in the fuel cell joint venture, strengthening efforts to accelerate the development and production of hydrogen fuel cell systems for heavy-duty transport.
The transaction follows a non-binding agreement announced earlier this year and remains subject to regulatory approvals. If approved, the deal is expected to close around the end of 2026 or the beginning of 2027.
Toyota Strengthens Heavy-Duty Hydrogen Strategy
Once the transaction is completed, Toyota, Volvo Group and Daimler Truck will jointly own cellcentric, with each company holding an equal one-third share. The expanded partnership is designed to reinforce cellcentric’s leadership in fuel cell technology by increasing industrial scale, accelerating innovation and improving competitiveness in the growing zero-emission commercial vehicle market.
The companies believe hydrogen fuel cells will play a key role in decarbonising long-haul trucking and other heavy-duty applications where battery-electric solutions may not always be the most practical option due to payload, range or refuelling requirements.
Expanding the Hydrogen Ecosystem
Beyond developing fuel cell systems, the three partners intend to work with industry organisations and companies throughout the hydrogen value chain to help accelerate the rollout of hydrogen production, distribution and refuelling infrastructure.
Building a reliable hydrogen ecosystem is widely viewed as one of the biggest challenges facing fuel cell adoption, particularly in commercial transport. By supporting infrastructure development, the partners hope to create favourable conditions for wider deployment of hydrogen-powered trucks and other heavy-duty vehicles.
cellcentric Remains an Independent Supplier
cellcentric will continue to operate as an independent and autonomous company and serve a broad range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, marine, rail and heavy off-highway equipment.
Meanwhile, Toyota, Volvo Group and Daimler Truck will continue competing independently across the rest of their respective vehicle businesses.
Building on Decades of Fuel Cell Expertise
Founded in 2021 as a joint venture between Daimler Truck and the Volvo Group, cellcentric combines decades of fuel cell research and engineering expertise developed by its predecessor organisations.
The company’s long-term objective is to become a leading global manufacturer and Tier 1 supplier of fuel cell systems for heavy-duty transport, supporting the transition toward climate-neutral commercial mobility.
Toyota’s addition as an equal shareholder brings one of the world’s most experienced hydrogen technology developers into the partnership, potentially accelerating innovation and large-scale commercialisation of fuel cell systems for trucks and other demanding applications.
As governments and transport operators continue exploring multiple zero-emission technologies, this expanded collaboration highlights the growing confidence that hydrogen fuel cells will complement battery-electric solutions in segments requiring long range, fast refuelling and high operational uptime.
