Sweden’s Volvo Group has acquired 50 percent of Stuttgart based Daimler Truck Fuel Cell for SEK 6.3 billion (approximately EUR 0.6 billion) on a cash and debt-free basis.

The ambition is to make the new joint venture, renamed as cellcentric, a leading global manufacturer of fuel-cells.

The joint venture will develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications. A key goal of Daimler Truck AG and the Volvo Group is to start with customer tests of trucks with fuel-cells in about three years and to commence series production during the second half of this decade.

Volvo Group and Daimler Truck own equal interests in the joint venture, but will continue to be competitors in all other areas including vehicle technology and fuel-cell integration in trucks.