Toyota Motor Corporation has signed a non-binding agreement to become an equal shareholder in cellcentric, the fuel cell joint venture between Daimler Truck AG and Volvo Group, according to a company statement.

The three companies plan to collaborate on developing, producing and commercializing fuel cell systems for heavy-duty vehicles and other applications. Toyota would join the partnership through a capital increase investment in cellcentric, which was founded in 2021.

Under the proposed arrangement, cellcentric would continue operating as an independent entity serving customers across heavy-duty transportation and stationary applications. Toyota and cellcentric also plan to jointly manage development and production of fuel cell unit cells and related components.

"We are proud that Toyota plans to join cellcentric as a shareholder," said Karin Radstrom, President and CEO of Daimler Truck. "This will enable us to strengthen development and further scale hydrogen technology."

Toyota CEO Koji Sato stated the company is "deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society."

cellcentric currently employs more than 560 people across locations in Germany and Canada, with operations backed by approximately 700 individual patents. The joint venture combines Daimler Truck and Volvo's commercial vehicle experience with Toyota's fuel cell development and manufacturing capabilities.

The companies will continue discussions toward reaching a legally binding agreement, which requires approval from relevant parties, boards and regulatory authorities. The three companies will maintain independent competition in all other business areas outside the fuel cell collaboration.