STOCKHOLM (Business) – Volvo signed a deal with rival Daimler to set up a joint venture in order to develop and produce fuel cell systems for heavy-duty vehicles.
Daimler shall be consolidating all its current fuel cell activities in the joint venture. Volvo will acquire 50% in the joint venture for approximately 600 million euro on a cash and debt-free basis.
The joint-venture deal was preliminary and non-binding.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
