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4/21, 9:37 AM (Source: TeleTrader)
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Daimler, Volvo to join forces on fuel cell tech

Daimler Truck AG and the Volvo Group announced on Tuesday they signed a preliminary deal to set up a joint venture focused on developing fuel cell systemsfor heavy-duty vehicle applications and other uses.

Under the agreement, Daimler will consolidate all its current fuel cell activities in the joint venture and Volvo will buy a 50% stake in the joint venture for approximately €600 million in cash.

"Electrification of road transport is a key element in delivering the so called Green Deal, a carbon neutral Europe and ultimately a carbon neutral world," Volvo CEO Martin Lundsedt stated. "By forming this joint venture, we are clearly showing that we believe in hydrogen fuel cells for commercial vehicles," he added and called on other firms and institutions to join such efforts.

Breaking the News / NP