Toyota Motor Corporation has officially taken a stake in cellcentric, the fuel cell joint venture established by Daimler Truck and the Volvo Group. With the move, Toyota joins the company as an equal shareholder, with each of the three automakers now holding a one-third ownership stake.
The investment follows the non-binding agreement signed by the companies in March. Through the partnership, Toyota, Daimler Truck, and Volvo Group aim to further strengthen cellcentric's position as a leading developer and manufacturer of hydrogen fuel cell systems for heavy-duty commercial vehicles.
The transaction is expected to be completed toward the end of 2026 or in early 2027, subject to the necessary regulatory approvals.
By joining the venture, Toyota will work alongside its European partners to expand cellcentric's technological capabilities, improve production scale, and enhance the competitiveness of fuel cell technology for heavy-duty transport. The three companies also plan to collaborate with industry organizations and partners across the hydrogen value chain to help accelerate the development of hydrogen production, distribution, and refueling infrastructure.
Despite the partnership, Toyota, Daimler Truck, and Volvo Group will continue to operate independently and compete in their respective automotive and commercial vehicle businesses. Cellcentric will likewise remain an autonomous company, supplying fuel cell systems to a wide range of customers in heavy-duty on-road and off-road transport, while also serving industries such as marine, rail, stationary power generation, coach transportation, and heavy construction equipment.
Each of the three manufacturers has already been investing in hydrogen technology through separate initiatives. Daimler, through Mercedes-Benz, has introduced hydrogen fuel cell applications in commercial vehicles, a particular example being the GenH2 fuel cell truck,
Volvo, meanwhile, has been testing hydrogen combustion-powered heavy trucks on public roads and is targeting the commercial launch of its hydrogen-powered heavy-duty trucks before the end of the decade.
Toyota, which seems like the oddball of the bunch, has initiatives in hydrogen fuel cell tech as well. Earlier this year, the automaker announced that it is partnering with Isuzu to manufacture a light-duty fuel cell electric truck for Japan, with a production date set for 2027.
