Toyota to join cellcentric as equal shareholder alongside Daimler Truck and Volvo

Toyota Motor Corporation has signed a binding agreement to join cellcentric as an equal shareholder alongside Daimler Truck and Volvo Group.

The joint venture was launched in 2021. The cellcentric-made fuel cell module is currently on testing on a hydrogen coach demonstrator by Setra. Earlier this year cellcentric appointed Kai Woerner as COO and Managing Director.

Cellcentric’s operations are supported by more than 560 employees across sites in Kirchheim/Teck, Esslingen and Stuttgart in Germany, as well as Burnaby in Canada. The company holds approximately 700 patents related to fuel cell technology development.

In October 2025, cellcentric made its first appearance at a bus industry trade fair, showcasing its BZA150 fuel cell module developed for heavy-duty applications at Busworld Europe 2025. Rated at 150 kW and operating in a voltage range between 650 and 850 V, the system weighs approximately 200 kg and was presented as suitable for intercity bus and coach applications.

Ownership restructuring of cellcentric

Let’s get back to the development announced on June 27th. Daimler Truck, the Volvo Group, cellcentric and Toyota Motor Corporation have formalized a binding agreement under which Toyota will acquire a one-third stake in cellcentric, aligning ownership equally among the three industrial partners. The agreement follows a non-binding arrangement signed at the end of March and remains subject to regulatory approvals, with completion expected by the end of 2026 or early 2027.

Upon closing, Toyota will join Daimler Truck and Volvo as an equal partner, with each holding a 33.3 percent share in the fuel cell joint venture. The companies state that collaboration will take place on equal terms, with a focus on advancing fuel cell systems for heavy-duty commercial applications. At the same time, the three groups will continue to operate independently and compete in all other areas of their respective businesses.

Interestingly, while Daimler Truck and Volvo Group are primarily commercial vehicle manufacturers, Toyota also brings experience as a fuel cell system supplier, which is at the end the scope of the cellcentric joint venture. Beyond developing hydrogen technology for its own vehicles, Toyota Motor Europe supplies its second-generation Toyota Fuel Cell Module for Daimler Buses’ Mercedes eCitaro fuel cell range, where the 60 kW module serves as a range extender and Toyota supports its engineering integration into the vehicle.

In brief

• Who are the partners in cellcentric? Daimler Truck, Volvo Group and Toyota Motor Corporation will each hold one-third of the joint venture.
• When will the deal be completed? Completion is expected by year-end 2026 or early 2027, subject to regulatory approvals.
• What does cellcentric produce? Fuel cell systems for heavy-duty vehicles and other industrial applications.
• Will the companies collaborate beyond cellcentric? No, they will continue to compete independently in all other business areas.

cellcentric will maintain its structure as an independent entity, continuing to develop, produce and commercialize fuel cell systems across multiple heavy-duty segments. These include on-road and off-road transport applications, as well as stationary power generation, rail and off-highway equipment.

The new shareholder structure is intended to support the expansion of cellcentric’s industrial scale and technological capabilities in fuel cell systems. The partners also state their intention to collaborate with industry associations and stakeholders across the hydrogen value chain, including supply and infrastructure development.