# Volvo Group and Daimler Truck AG form fuel-cell joint venture

Volvo Group and Daimler Truck AG signed a binding agreement to form a joint venture to develop, produce and commercialize fuel-cell systems for heavy-duty trucks and other applications. Volvo Group will acquire 50% of Daimler Truck Fuel Cell GmbH & Co. KG for approximately EUR 0.6 billion. Closing is expected in the first half of 2021.

- Type: Partnership
- Announced: 2020-11-02
- Where: Germany
- Value: $708.0M (600.0M EUR)
- Status: announced
- Products: fuel-cell systems for heavy-duty trucks
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md), [Power Generation Equipment](https://endata.com/sectors/power-generation-equipment.md)

## Companies

- [Volvo](https://endata.com/companies/9342.md) (partner)
- [Daimler Truck AG](https://endata.com/companies/26930.md) (partner)

## Sources

- [prnewswire.com](https://www.prnewswire.com/news-releases/joint-venture-for-large-scale-production-of-fuel-cells-volvo-group-and-daimler-truck-ag-sign-binding-agreement-for-new-fuel-cell-joint-venture-301164593.html), 2020-11-02: "For us at Daimler Truck AG and our intended partner, the Volvo Group, the hydrogen-based fuel-cell is a key technology for enabling CO2-neutral transportation in the future."
- [automotiveworld.com](https://www.automotiveworld.com/news-releases/joint-venture-for-large-scale-production-of-fuel-cells-volvo-group-and-daimler-truck-ag-sign-binding-agreement-for-new-fuel-cell-joint-venture/), 2020-11-02: "For us at Daimler Truck AG and our intended partner, the Volvo Group, the hydrogen-based fuel-cell is a key technology for enabling CO2-neutral transportation in the future."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.