Toyota has signed a binding agreement to acquire a one-third stake in cellcentric, joining Daimler Truck and the Volvo Group as an equal shareholder in the German fuel cell joint venture. The deal, announced on 31 July 2026, converts what has been a two-way partnership since 2021 into a three-way alliance aimed at accelerating heavy-duty hydrogen powertrains and is expected to close around the end of 2026 or early 2027 subject to regulatory approvals.
Three heavyweights, one fuel cell platform
Under the deal, Toyota, Volvo Group and Daimler Truck will each hold an equal one-third share of cellcentric, which will continue to operate as an independent supplier serving heavy-duty on-road and off-road transport as well as coaches, stationary power, marine, rail and heavy off-highway equipment. The partners argue that battery-electric drivetrains struggle to meet payload, range and refuelling requirements for the toughest long-haul missions, and that hydrogen fuel cells will complement battery-electric solutions where uptime and rapid refuelling matter most.
Building the hydrogen ecosystem, together
Beyond powertrains, the three partners plan to work with organisations across the hydrogen value chain to accelerate production, distribution and refuelling infrastructure. Building that ecosystem has long been seen as one of the biggest brakes on fuel cell adoption in commercial transport. Toyota's arrival brings decades of hydrogen expertise – from the Mirai passenger car to its heavy-duty programmes – to the venture, alongside the truck-scale engineering that Daimler Truck and Volvo brought to cellcentric at its 2021 launch.
Hydrogen is having a moment in heavy transport
The move lands as fresh capital flows into hydrogen infrastructure and adjacent decarbonisation plays. Crusoe and Aalo Atomics announced a nuclear-powered AI factory, while data-center operators including ECL are pursuing 300 MW-plus hydrogen fuel cell deployments with suppliers like PowerCell. cellcentric's expanded ownership base gives its planned European mass-production programme a broader industrial spine as regulators tighten CO2 rules on trucks in the second half of the decade.
Reporting based on coverage from Electric Cars Report, Daimler Truck and Toyota Global Newsroom.