Volvo Secures EC Clearance of Fuel-Cell Joint Venture With Daimler
February 17, 2021
Cleary Gottlieb represented the Volvo Group (Volvo) before the European Commission (EC) in the creation of a joint venture with Daimler Truck AG (Daimler) in the relatively novel, but rapidly evolving, hydrogen fuel-cell sector.
In particular, the new joint venture called Daimler Truck Fuel Cell, based in Germany, will be active in the development, production, sales, and after sales of hydrogen fuel-cell systems, primarily for heavy-duty trucks. Therefore, this partnership among two major European truck manufacturers, marks an important step toward achieving climate-neutral and sustainable transportation by 2050.
The EC unconditionally cleared the transaction on February 5, 2021, absent relevant horizontal overlap between the parties’ activities. The EC’s approval closely resonates with its ambitious Green Deal agenda.