Cellcentric has appointed long-serving Volvo Group executive Lars Ljungström as its new Chief Financial Officer (CFO) and member of the executive management team, strengthening the fuel cell company’s leadership as it advances the commercialisation of hydrogen-powered heavy-duty transport solutions.
Ljungström succeeds Niklas Ekström, who stepped down at the end of July 2026 after returning to Sweden to become Chief Financial Officer of the Manufacturing Intelligence business unit at Hexagon.
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Experienced Volvo Group Executive
Ljungström joins Cellcentric after more than 20 years with the Volvo Group, where he held a variety of finance, strategy and business development positions, primarily in the United States.
Most recently, he served as Vice President of Strategy & Business Development at Volvo Penta North America, the group’s division specialising in marine and industrial engines and drivetrain systems.
Commenting on his appointment, Ljungström said he is looking forward to supporting the company’s continued industrialisation of fuel cell technology.
“I am delighted to contribute to the further advancement of cellcentric and its fuel cell technology and to play an active role in shaping the continued industrialisation journey.”
He said Cellcentric’s shareholders—Daimler Truck and the Volvo Group—provide a strong foundation through their financial strength, innovation capabilities and long-term commitment to sustainable transport.
Ljungström also highlighted the company’s recently introduced BZA375 heavy-duty fuel cell system as evidence of Cellcentric’s technological progress.
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Supporting Fuel Cell Commercialisation
Cellcentric Chief Technology Officer, Managing Director and Executive Board spokesperson Nicholas Loughlan welcomed the appointment, citing Ljungström’s extensive international leadership experience.
“We are very pleased that Lars joins us at cellcentric.”
“Lars has many years of experience in various leadership roles in strategy and finance both, in Sweden and the United States. Lars therefore will bring a strong entrepreneurial mindset to the cellcentric team.”
Loughlan said Ljungström joins the executive management team alongside Chief Operating Officer Kai Wörner.
Expanding Global Partnership
Cellcentric was established in March 2021 as a joint venture between Daimler Truck and the Volvo Group to develop and manufacture hydrogen fuel cell systems for heavy-duty commercial vehicles.
The company was formed after Volvo Group acquired a 50% stake in Daimler Truck’s fuel cell business.
More recently, Cellcentric, Daimler Truck and the Volvo Group signed a binding agreement with Toyota to bring the Japanese automaker into the partnership.
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Upon completion of the transaction, Daimler Truck, Volvo Group and Toyota will each hold a one-third ownership stake in Cellcentric.
The expanded partnership is intended to strengthen the company’s position as a global developer and manufacturer of hydrogen fuel cell systems for heavy-duty trucks and other commercial transport applications.