Volvo, Daimler to found truck fuel cell joint venture

BERLIN (AP) — Volvo and the truck division of Daimler say they have agreed to set up a joint venture to develop and produce fuel cell systems for heavy vehicles. The two firms said Tuesday that they will be equal partners in the new enterprise. Daimler Truck will put all its current fuel cell activities into the joint venture, and the Volvo Group will buy a 50% stake in the venture for around 600 million euros ($652 million). The companies hope that joining forces on fuel cells will lower development costs and bring forward the introduction of fuel cells for heavy transport.