Volvo Group, Daimler Truck and the Traton Group have signed a binding agreement to create a joint venture to install and operate a high-performance public charging network for battery electric, heavy-duty long-haul trucks across Europe in 2022.

As previously reported, the parties are committed to initiating and accelerating the necessary build-up of charging infrastructure for the increasing number of customers of electric vehicles in Europe and contribute to climate-neutral transportation in Europe by 2050. The charging network will be open and accessible to all commercial vehicles in Europe, regardless of brand.

The parties are together committing to invest about $567 million, which is assumed to be by far the largest charging infrastructure investment in the European heavy-duty truck industry to date, company officials said in a press release.

The plan is to install and operate at least 1,700 high-performance green energy charging points on and close to highways as well as at logistic and destination points within five years of the establishment of the JV.

The future JV is planned to operate under its own corporate identity and be based in Amsterdam, Netherlands.

Volvo, Daimler and Traton will own equal shares in the planned JV but continue to be competitors in all other areas. The creation of the JV is subject to regulatory approvals

"A collaboration with strong competitors like Daimler Truck and Volvo Group might seem unusual,” said Traton Group CEO Christian Levin in a press release. “However, the topic is of crucial importance and this unique cooperation will make us faster and more successful in delivering the transformational action needed to tackle climate change. Our joint venture will be a strong push for the rapid breakthrough of battery electric trucks and coaches, the most efficient and sustainable transport solutions."