Daimler: to develop fuel cells with Volvo
(CercleFinance.com) - Volvo and Daimler Truck AG have signed a joint venture agreement to develop, produce and market fuel cell systems for trucks.
Both partners aim to make this joint venture one of the world's leading manufacturers of fuel cells, thus taking a major step towards CO2-neutral and sustainable transport by 2050.
As part of the agreement, the Volvo Group is expected to acquire 50% of the joint venture for some 600 million dollars. The transaction is expected to close in the first half of 2021, following merger control and other approvals by the relevant authorities.
The first tests could be scheduled within the next three years before mass production is planned for the second half of this decade, Daimler said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Both partners aim to make this joint venture one of the world's leading manufacturers of fuel cells, thus taking a major step towards CO2-neutral and sustainable transport by 2050.
As part of the agreement, the Volvo Group is expected to acquire 50% of the joint venture for some 600 million dollars. The transaction is expected to close in the first half of 2021, following merger control and other approvals by the relevant authorities.
The first tests could be scheduled within the next three years before mass production is planned for the second half of this decade, Daimler said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.