Toyota is buying into cellcentric, the hydrogen fuel-cell joint venture set up by the Volvo Group and Daimler Truck. Under a binding agreement signed on 27 July 2026, the three companies will each hold a one-third stake. The deal, which still needs regulatory clearance, is aimed at scaling up fuel-cell systems for heavy trucks and other commercial vehicles.
The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation have signed a binding agreement for Toyota to come on board cellcentric as an equal partner and shareholder. Once the transaction closes, each of the three owners will hold a one-third share in the fuel-cell developer.
The agreement firms up a non-binding deal the parties announced at the end of March this year. Completion still depends on the usual regulatory approvals, so the ownership change is not yet final.
A three-way bet on hydrogen trucks
cellcentric was founded by the Volvo Group and Daimler Truck to develop and build fuel-cell systems for heavy-duty commercial use — the kind of long-distance, high-payload transport where battery-electric drive is harder to make work. Bringing Toyota in as a third equal owner adds one of the world’s most experienced fuel-cell developers to the venture. According to the companies, the goal is to strengthen cellcentric’s position as a leading maker of fuel-cell systems for heavy commercial applications.
Toyota has been building fuel-cell expertise for years. The company already uses the technology in passenger cars, buses, trucks, trains, marine and stationary applications, and it started producing its second-generation compact fuel-cell modules in Europe in January 2022. Toyota describes hydrogen as one of the key building blocks towards carbon neutrality, and says it wants to make 700 bar a standard for fuel-cell electric vehicles and products.
What it means
For the heavy-truck industry, the move pools the resources of three major players behind a single fuel-cell supplier at a time when manufacturers are still weighing hydrogen against batteries for long-haul freight. Spreading ownership evenly across Volvo, Daimler Truck and Toyota shares both the cost and the risk of scaling the technology, and gives cellcentric a broader base of customers and know-how to draw on. It is a supplier-level deal rather than a new product, so any effect on the trucks buyers can order will come further down the line.
The transaction will complete once the required regulatory approvals are in place.
Source: newsroom.toyota.eu