March 31 (Reuters) - Toyota Motor Corporation plans to join Volvo Group and Daimler Truck in fuel cell joint venture cellcentric, Volvo said in a statement on Tuesday. Daimler and Volvo have sought
Toyota to Join Volvo, Daimler Truck in Hydrogen Fuel Cell Partnership
Overview of the Hydrogen Fuel Cell Joint Venture
March 31 (Reuters) - Toyota Motor Corporation plans to join Volvo Group and Daimler Truck in fuel cell joint venture cellcentric, Volvo said in a statement on Tuesday.
Daimler and Volvo have sought to join forces in making hydrogen fuel cells in an effort to cut costs, as some truckmakers and their suppliers rework combustion engines to run on less polluting low-emission hydrogen.
Key Details of the Partnership
Toyota's Role
- Toyota plans to join Volvo and Daimler Truck as an equal shareholder in the venture
Agreement and Objectives
- The companies signed a non-binding memorandum of understanding and plan to reach a legally binding agreement
- Their objective is to develop, produce and commercialise fuel cell systems for heavy-duty vehicles
Development and Production
- Toyota and cellcentric will jointly manage the development and production of fuel cell unit cells and directly linked architecture and control elements
Infrastructure and Supply
Supporting Hydrogen Supply
- "The partners aim to actively support the development of hydrogen supply and infrastructure in the early stages," Volvo said
Reporting and Editorial Credits
(Reporting by Vera Dvorakova in Gdansk, editing by Milla Nissi-Prussak)
