History
2020: Creation of the company for development of hydrogen engines
On April 21, 2020 producers of trucks Daimler Truck (division of Daimler) and Volvo Group agreed about cooperation in the development area of hydrogen engines. For this purpose the German and Swedish companies created Mercedes-Benz Fuel Cell joint venture which head office will be in Naberna (Germany).
Will transfer all the developments in the field of fuel elements to new company Daimler, and Volvo invests in it 600 million euros. The joint venture in equal shares will belong to Daimler Truck and Volvo Group. It is going to close the transaction in the third quarter 2020, at first antimonopoly regulators should approve it.
According to the press release, Mercedes-Benz Fuel Cell will be the independent and autonomous organization, and Daimler Truck and Volvo Group will remain competitors in all other areas. Thanks to cooperation partners hope to reduce expenses on development and to accelerate implementation on the market of the systems of fuel elements for the machines working under trying conditions and passing long distances.
Production trucks with fuel elements in the second half of 2020 years are going to release Daimler Truck and Volvo Group. So, producers are going to achieve the goals of the European green agreement under which by 2030 emissions emissions of greenhouse gases should be reduced by 50–55% to the level of 1990, and to the 2050th the region should cease to have an impact on climate.
 | Consolidation of experience Volvo and Daimler in this area for acceleration of rates of development of the industry is profitable both to our clients, and to society in general — words of the president and CEO of Volvo Martin Lundstedt (Martin Lundstedt) are cited in the message. |  |
Daimler Truck, in turn, considers partnership with Volvo an important stage on release of trucks on hydrogen elements and other alternative fuel types.[1]
Notes
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