Under a new non-binding agreement, the Japanese car maker could become an equal shareholder by investing in a capital raise for the JV.

Launched in 2021 by Daimler and Volvo, Cellcentric is aiming to commercialise fuel cell systems for heavy-duty trucks and off-road transport.

Toyota, however, has primarily focused on the light-duty passenger vehicle market with its fuel cell Mirai model. It has previously worked with US truck maker Kenworth to develop a fuel cell-powered Class 8 truck.

Koji Sato, President and CEO of Toyota, said this experience could help the JV deliver “one of the world-leading fuel cell systems for heavy commercial vehicles.”

The parties are continuing discussions aimed at reaching a legally binding agreement for Toyota’s integration.

Martin Lundstedt, CEO of Volvo Group, said that Toyota’s addition to the group will strengthen its capacity for accelerating hydrogen applications.

“The need of great companies coming together and collaborating is more important than ever. Welcoming Toyota onboard will be a big leap towards realising decarbonisation of our industries,” he added.

Heavy-duty applications like trucking are viewed as one of the most viable mobility applications for hydrogen by its proponents, due to long-ranges and the need for fast refuelling.

However, its potential is increasing criticised for its low energy efficiency compared to battery electric vehicles.