Toyota Motor Corp. has signed a binding agreement to join the hydrogen fuel cell enterprise as an equal partner and shareholder, together with Volvo Group and Daimler Truck.cellsonic(i.e., cellcentric).

The three automotive groups are collaborating as equal partners, which is expected to consolidate the company's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial vehicles. The partners involved includecellcentric。

This agreement follows thenon-binding agreementsigned at the end of March this year. All four parties hope to further expand the business by leveraging cellcentric's existing progress, industrial scale, and competitiveness in heavy-duty fuel cell technology.

The partners will collaborate with industry associations and partners in the hydrogen value chain, aiming to accelerate the "development of hydrogen supply and infrastructure, unlocking the potential of the hydrogen ecosystem," Toyota said in a statement on July 27.

Cellsonic was founded in 2021, holds approximately 700 patents related to hydrogen fuel cell technology, and has bases in Esslingen near Stuttgart, Germany, and Burnaby, British Columbia, Canada, employing more than 560 highly qualified staff.

The company will continue to operate as an independent and autonomous enterprise, serving a broad customer base in heavy-duty road and off-road transportation, while also covering other heavy-duty applications such as buses, stationary power generation, marine, rail, and heavy-duty off-road equipment.

The transaction is expected to be completed no later than early 2027, subject to regulatory approvals.