Lars Ljungström appointed as new CFO of Cellcentric
Long-serving Volvo Group executive Lars Ljungström has been appointed Chief Financial Officer and member of the executive management team at Cellcentric. At the fuel cell joint venture between Daimler Truck and the Volvo Group, he succeeds Niklas Ekström as CFO.
Lars Ljungström has taken up the role of Chief Financial Officer at Cellcentric. Over the past two decades, he has held a range of positions within the Volvo Group, primarily in the United States. Most recently, he served as Vice President of Strategy & Business Development at Volvo Penta North America, the group’s specialist division for marine and industrial engines and drivetrain solutions.
“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. At cellcentric, we are driving the future of fuel cell-electric powertrains forward every day. I’m proud to now be part of that team, being able to make a significant contribution to the decarbonization and resilience of heavy-duty long-haul freight transport and other heavy-duty applications,” said Lars Ljungström, looking ahead.
“Cellcentric’s globally active shareholders, Daimler Truck and the Volvo Group, are known for their focus on strong innovations, long-term visions for sustainable transport, and exceptional financial strength. Combined with cellcentric’s strong expertise in fuel cell technology, we are in an excellent position to contribute powerfully to the transformation journey of the heavy-duty industry. Our new BZA375 heavy-duty fuel cell system is an impressive proof point for that.”
Nicholas Loughlan, Chief Technology Officer, Managing Director, and Spokesperson for Cellcentric’s executive board, added: “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. We are really happy to have him with us at cellcentric and in the management board of our company, joining Kai Wörner, our COO, and myself.”
Lars Ljungström succeeds Niklas Ekström, who left Cellcentric at the end of July 2026 to return to Sweden. Ekström has taken on the role of Chief Financial Officer for the Manufacturing Intelligence business unit at Hexagon, a provider of metrology and sensor technology.
Cellcentric was established in March 2021 as a joint venture between Daimler Truck and the Volvo Group to develop and manufacture fuel cell systems. The company evolved from Daimler Truck’s former fuel cell business, in which the Volvo Group acquired a 50 per cent stake. More recently, Cellcentric, Daimler Truck and the Volvo Group signed a binding agreement with Toyota, under which Toyota will join Cellcentric as an equal partner and shareholder.
Once the transaction is completed, each of the three partners will hold a one-third stake. The addition of Toyota is intended to strengthen Cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial vehicles.