The Volvo Group and Daimler Truck AG announced they have signed a binding agreement covering a previously announced joint venture to develop, produce and commercialize fuel cell systems primarily for heavy-duty trucks as well as other applications.
Under the agreement, Volvo Group will acquire 50% of the partnership interests in Daimler Truck Fuel Cell for about $700 million on a cash and debt-free basis, the companies reported Nov. 2.
