Toyota Motor Corporation has finalised a binding agreement to become a full, equal shareholder in cellcentric, the hydrogen fuel-cell company jointly owned by the Volvo Group and Daimler Truck AG. The deal, announced on 27 July, 2026, formalises a partnership first floated in a non-binding memorandum of understanding signed in Tokyo at the end of March. Once the transaction closes, ownership of cellcentric will be split evenly three ways between Toyota, Volvo and Daimler Truck.
From Rivals to Co-Owners
The move is notable because it brings together three of the world’s largest commercial and passenger vehicle manufacturers under one roof for a technology that none of them has yet managed to commercialise at scale on its own. Volvo and Daimler Truck originally formed cellcentric in 2021, pooling decades of prior fuel-cell research from both companies into a single dedicated venture. Toyota, meanwhile, has pursued hydrogen power for over two decades through its own Mirai passenger vehicle programme and related fuel-cell systems business.
Rather than compete on parallel tracks, the three companies say they will now pool that expertise. Toyota is expected to contribute engineering know-how built up through its long-running hydrogen programme, while cellcentric brings industrial scale and a fuel-cell platform already built specifically for heavy-duty trucking. According to statements from the companies, the partners intend to jointly manage development of the fuel cell’s core "unit cells" as well as the surrounding architecture and control systems, with the goal of producing a more competitive product than any one company could build alone.
The venture is squarely focused on decarbonising long-haul trucking and other heavy-duty applications, segments where battery-electric power struggles with weight, charging time and range, making hydrogen an attractive alternative. Cellcentric’s most recent product, a 375-kilowatt fuel cell unveiled earlier this year, is designed for long-haul routes and is pitched as a lower-consumption, higher-power-density successor to the company’s earlier system, intended eventually to displace diesel engines in trucks. Beyond road transport, the company has said its technology is also aimed at buses and coaches, stationary power generation, marine propulsion, rail and heavy off-highway equipment such as construction and mining vehicles.
Cellcentric currently employs more than 560 people across sites in Germany, including Kirchheim unter Teck and Esslingen, near Stuttgart and in Burnaby, British Columbia. The company holds hundreds of patents tied to fuel-cell technology, built on the combined research legacies of Volvo’s and Daimler’s earlier hydrogen efforts. Under the new agreement, cellcentric will continue to operate as an independent, standalone business serving a broad customer base, rather than being folded into any one of its three shareholders.
Part of a Wider Hydrogen Push
Toyota’s move comes as automakers and truck manufacturers globally weigh whether hydrogen or batteries or some mix of both, will dominate freight decarbonisation over the coming decade. Government targets for net-zero transport, combined with growing pressure to cut heavy-duty vehicle emissions, have pushed several manufacturers toward joint ventures rather than solo development, partly to spread the enormous capital costs of building out fuel-cell manufacturing and hydrogen refuelling infrastructure. The companies involved have said they intend to work with industry associations and other partners across the hydrogen value chain to help expand refuelling networks and supply infrastructure, a bottleneck widely seen as one of the biggest obstacles to hydrogen trucking reaching commercial viability.
The transaction still requires regulatory approval in the relevant markets, and the companies expect it to close around the end of 2026 or in early 2027. Volvo has said the deal is not expected to have a material impact on its earnings or financial position in the near term.
If completed as planned, the three-way partnership would represent one of the most significant consolidations yet in the race to bring hydrogen-powered heavy trucks to market, pooling the resources of Japan’s largest automaker with two of Europe’s leading truck manufacturers behind a single shared technology platform.
*Chloe Maluleke
Associate at BRICS+ Consulting Group
Russia & Middle East Specialist
**The Views expressed do not necessarily reflect the views of Independent Media or IOL.
** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/ (https://bricscg.com/)
** Follow @ (https://x.com/brics_daily)brics_daily (https://x.com/brics_daily)on Twitter for daily BRICS+ updates and instagram @brics_daily (https://www.instagram.com/brics_daily?igsh=bmhvbTd0YzA4a2wx)
