The companies plan to set up a joint venture to install and operate the charging infrastructure
Volvo Group, Daimler Truck and the TRATON GROUP to sign JV agreement by the end of 2021. (Credit: Daimler AG)
Volvo Group, Daimler Truck and the TRATON GROUP have announced an investment of €500m to deploy public charging points for heavy-duty long-haul trucks and coaches across Europe.
The three commercial vehicle manufacturers have signed an agreement to install and operate a public charging network.
By building charging infrastructure, the partnership aims to support the EU’s transformation to climate-neutral transportation.
The companies plan to set up a joint venture to install the charging network.
Expected to begin operations in 2022, the joint venture will be equally owned by the three parties. To be based in Amsterdam, Netherlands, it will operate under its own corporate identity.
The partners are expected to sign a joint venture agreement by the end of this year.
Volvo Group president and CEO Martin Lundstedt said: “We are laying the necessary foundation in making a breakthrough for our customers to make the transformation to electrification by creating a European charging network leader.
“We have powerful electromobility technologies, and now, with Daimler Truck, the TRATON GROUP and thanks to the European Green Deal, also an industry-wide understanding as well as a political environment to make fundamental progress towards sustainable transport and infrastructure solutions.”
The companies are planning to install and operate at least 1,700 green energy charging points close to highways as well as at logistic and destination points.
The charging points are expected to be installed within five years after setting up the joint venture, which is subject to regulatory and other approvals.
By seeking additional partners and public funding, the three companies intend to significantly expand the deployment of charging points.
Daimler Truck CEO Martin Daum said: “It is the joint aim of Europe’s truck manufacturers to achieve climate neutrality by 2050. However, it is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road.
“Together with Volvo Group and the TRATON GROUP, we are therefore very excited to take this pioneering step to establish a high-performance charging network across Europe.”