Toyota Motor Corporation has signed a binding agreement to acquire a one-third stake in fuel cell joint venture cellcentric, joining the Volvo Group and Daimler Truck as equal shareholders.

The agreement formalizes a non-binding deal announced in March and remains subject to regulatory approvals. The companies expect the transaction to close around the end of 2026 or early 2027.

The three partners said the expanded collaboration is intended to strengthen cellcentric’s position as a developer and manufacturer of hydrogen fuel cell systems for heavy-duty commercial vehicles. They plan to work together to advance the company’s technology, expand production scale, and improve its competitiveness.

The companies also said they will collaborate with industry associations and other partners to support the development of hydrogen production, supply and refueling infrastructure.

cellcentric will continue operating as an independent company, supplying fuel cell systems for a broad range of heavy-duty applications, including on-highway trucks, off-highway equipment, coaches, rail and stationary power generation.

Outside of cellcentric, Toyota, Volvo Group and Daimler Truck will continue to compete independently in their respective commercial vehicle businesses.