New tidings from the auto industry: A consortium led by automotive giant Toyota (NYSE:TM) will receive millions in funding to develop a hydrogen fuel cell pickup truck in the U.K.
In a statement Friday, Toyota said the fuel cell-powered prototype of its Hilux pickup would be developed at its plant in Burnaston, in the East Midlands of England.
Toyota Motor Manufacturing UK is heading up the consortium, which is being backed by £5.7 million (around $7 million) of industry funding and £5.6 million from the U.K. government. Thatcham Research, D2H, ETL and Ricardo are also involved in the project.
Although the initiative is being led by TMUK, Toyota said “technical support” would come from Toyota Motor Europe R&D.
“Within the scope of the funding bid, initial prototype Hilux vehicles will be produced at Burnaston during 2023,” it added. “Once successful performance results have been secured, the intention is to prepare the vehicle for small series production.”
Fuel cell technology involves hydrogen from a tank mixing with oxygen, which in turn produces electricity. As the U.S. Department of Energy’s Alternative Fuels Data Center notes: “Fuel cell electric vehicles emit only water vapor and warm air, producing no tailpipe emissions.”
Friday’s news represents Toyota’s latest move in the sector. The firm started working on the development of fuel-cell vehicles back in 1992. In 2014, it launched the Mirai, a hydrogen fuel cell sedan.
TM shares declined $2.12, or 1.4%, to $145.54.
