German automaker Daimler AG (DDAIF.PK) on Monday said it has signed a unique three-way agreement with U.S peer Ford Motor Co. (F) and Japanese automaker Nissan Motor Co., Ltd. (NSANY.PK) for the joint development of common fuel cell system. Each company will invest equally towards the project.
With the deal, the companies expect to speed up availability of zero-emission technology and significantly reduce investment costs associated with the engineering of the technology.
The strategic cooperation to accelerate commercialization of fuel cell electric vehicle or FCEV technology would lead to the launch of world's first affordable, mass-market fuel cell electric vehicles as early as 2017.
The partners plan to develop a common fuel cell stack and fuel cell system that can be used by each company in the launch of highly differentiated, separately branded FCEVs, which produce no CO2 emissions while driving.
FCEVs, powered by electricity generated from hydrogen and oxygen, emit only water while driving. These vehicles are considered complementary to today's battery-electric vehicles and will help expand the range of zero-emission transportation options available to consumers.
The partners would do the engineering work on both the fuel cell stack and the fuel cell system jointly at several locations around the world. They are also studying the joint development of other FCEV components to generate even further synergies.
Thomas Weber of Daimler said, "We are convinced that fuel cell vehicles will play a central role for zero-emission mobility in the future. Thanks to the high commitment of all three partners we can put fuel cell e-mobility on a broader basis. This means with this cooperation we will make this technology available for many customers around the globe."
On Frankfurt's Xetra, Daimler shares closed Monday's trading at 43.95 euros, up 0.33 percent. Ford shares increased 1.47 percent on the NYSE, and settled at $13.78.
In Japan, Nissan Motor shares are currently trading at 932 yen, up 37 yen or 4.13 percent.
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