Daimler Trucks & Buses and Volvo Group to form a joint venture.

Daimler Trucks & Buses, a commercial vehicle manufacturer, and Volvo Group, a Swedish multinational manufacturing company, agreed to form a 50/50 joint venture. The Volvo Group will acquire 50% in the joint venture for the sum of c. $652m on a cash and debt free basis. The intention of the joint venture is to develop, produce and commercialize fuel cell systems for heavy-duty vehicle applications and other use cases. “Transport and logistics keep the world moving, and the need for transport will continue to grow. Truly CO2-neutral transport can be accomplished through electric drive trains with energy coming either from batteries or by converting hydrogen on board into electricity. For trucks to cope with heavy loads and long distances, fuel cells are one important answer and a technology where Daimler has built up significant expertise through its Mercedes-Benz fuel cell unit over the last two decades. This joint initiative with the Volvo Group is a milestone in bringing fuel cell powered trucks and buses onto our roads,” Martin Daum, Daimler Trucks & Buses Chairman and Daimler Member of the Board.