On April 21, 2020, the two giants of the global commercial vehicle industry, Volvo Group and Daimler Trucks, announced the signing of a preliminary non-binding agreement to jointly establish a new joint venture company, R & D, production and commercialization for heavy duty Fuel cell systems for vehicles and other uses help to achieve the goal of "committing to achieving sustainable transportation and achieving carbon neutrality in Europe by 2050" as set out in the European Green Agreement. Through this cooperation, Daimler will integrate all existing fuel cell businesses into the joint venture. The Volvo Group will subscribe for 50% of the joint venture's shares in a cashless and debt-free manner, with a total value of approximately 600 million euros.
Martin Daum, Chairman of the Management Committee of Daimler Trucks AG and member of the Daimler Group Board of Directors, stated:
"Transportation and logistics are driving the world forward, and society ’s demand for transportation will continue to grow. True carbon-neutral transportation can be achieved by using electric power systems. On the one hand, its power supply comes from on-board batteries, and On the one hand, the vehicle is driven by converting hydrogen onboard into electrical energy. For long-haul trucks, fuel cells are an important solution and technology. In the past two decades, Daimler has used Mercedes -Mercedes-Benz's fuel cell business unit has accumulated rich expertise. This cooperation with the Volvo Group will be a milestone in the process of bringing fuel cell-powered trucks and buses to the market. "
Martin Lundstedt, President and CEO of Volvo Group, stated:
"Electrification of road transportation is the key to achieving the" European Green Agreement ", European carbon neutrality and eventually global carbon neutrality. The use of hydrogen fuel as a carrier of green power to power electric trucks in long-distance transportation is the solution to this An important part of the problem is also to supplement battery-powered electric vehicles and renewable fuels. Sharing the experience of Volvo Group and Daimler Trucks in this field can accelerate the development process, and our customers and the entire society will benefit from Therefore, through the establishment of a joint venture company, we clearly conveyed our confidence in the application of hydrogen fuel cells in the field of commercial vehicles. But to make this vision a reality, it is also inseparable from the support of other companies and institutions, especially in establishing The required fuel infrastructure. "
Volvo Group and Daimler Trucks AG will each own 50% of the joint venture. In the future, the joint venture will operate independently as an independent entity, and Daimler Trucks AG and Volvo Group will continue to maintain competitive relationships in other business areas beyond this. The cooperation between the two parties will reduce the research and development costs of the two companies and accelerate the process of introducing fuel cell systems into the field of heavy transportation and long-distance transportation. In the context of the current economic downturn, this cooperation has become particularly important in order to achieve the goals of the European Green Agreement within a feasible timetable.
The common goal of the two companies is to provide heavy-duty vehicles equipped with mass-produced fuel cells for long-distance transportation in the second half of this decade. In addition, the application of fuel cells in other automotive and non-automotive fields will also be included in the business scope of the new joint venture.
In order to establish this joint venture company, Daimler Trucks AG is integrating all the fuel cell operations within the group into a new Daimler Truck Fuel Cells business unit. This includes the distribution of the business of "Mercedes-Benz Fuel Cell Co., Ltd." to Daimler Trucks AG, which has accumulated a wealth of fuel cell and hydrogen energy storage system development for a variety of vehicle uses. experience of.
The joint venture after its establishment will include the business of Nabern (currently the headquarters of Mercedes-Benz Fuel Cell Co., Ltd.) and its production bases in Germany and Canada.
The preliminary agreement signed this time is not binding. The final agreement is expected to be reached in the third quarter of 2020, and the delivery will be completed before the end of the year. All potential transactions are subject to review and approval by relevant competition regulators.
About fuel cell and hydrogen fuel:
The hydrogen fuel cell converts the chemical energy (ie hydrogen) and oxygen (in the air) of the fuel into electrical energy to power the electric motor to drive the electric vehicle.
There are two main methods of hydrogen production. The so-called "green hydrogen" can be produced at local gas stations, using electricity to convert water to hydrogen. The "blue hydrogen" is expected to be produced by natural gas, using carbon capture technology to produce carbon-neutral fuel.
