© Reuters. FILE PHOTO: Members of the media stand beside an electric driven Actros truck at the booth of German truckmaker Daimler Truck at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19,
(Reuters) -Accelera, a zero-emissions business unit of Cummins (NYSE:), Daimler (OTC:) Trucks & Buses US Holding and PACCAR (NASDAQ:) said on Wednesday they formed a joint venture to advance battery cell production in the United States.
Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on the lithium-iron-phosphate (LFP) battery technology family for commercial battery-electric trucks.
The companies said they expect to invest between $2 billion and $3 billion to set up a 21-gigawatt hour (GWh) factory to manufacture LFP battery cells.
LFP battery-cell maker EVE Energy will also serve as the technology partner in the joint venture with 10% ownership.