Volvo, Daimler Truck Sign Binding Agreement for New Fuel-Cell Joint Venture
02 November 2020 - 8:48AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Volvo AB said Monday that it has now signed the
previously planned binding agreement for a joint venture with
Daimler Truck AG to develop, produce and commercialize fuel-cell
systems.
Earlier this year Daimler Truck said it had created the Daimler
Truck Fuel Cell GmbH subsidiary to unify the German company's
fuel-cell activities ahead of a joint venture with Volvo.
Volvo will acquire 50% of the partnership interests in Daimler
Truck Fuel Cell for approximately 600 million euros ($698.8
million).
Volvo and Daimler Truck will own equal interests in the joint
venture, but continue to be competitors in all other areas such as
vehicle technology and fuel-cell integration in trucks, they
said.
Both companies aim to start with customer tests of trucks with
fuel-cells in about three years and to be in series production
during the second half of this decade.
Closing of the transaction is expected during the first half of
2021. The transaction is still subject to merger control review by
the relevant authorities, as well as other approvals.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 02, 2020 02:33 ET (07:33 GMT)
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