Renault Group expects the closing of its joint venture in electric vans with truckmaker Volvo Group and the French shipping group CMA CGM to happen by the beginning of April, a spokeswoman said.

Renault and Volvo signed binding agreements last fall to launch a new company where they would initially each hold a 50 percent stake and each invest 300 million euros ($316 million) over the next three years.

CMA CGM also signed at the time a nonbinding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its energy fund focused on decarbonization of transport and logistics sectors.

The three companies plan to present the JV in Paris on April 3.The companies said last year that production of the electric vans to start in 2026 at Renault’s factory in Sandouville, northern France. The vans would have an 800-volt electrical system, Renault said.

The vans were announced in 2021 as part of Mobilize, Renault Group’s mobility services division. They are aimed at urban deliveries, rental companies and small businesses.

The market for full-electric vans has grown more slowly than that of passenger cars, because of concerns about cost, range and cargo capacity. In addition to pure battery-electric drivetrains, other zero-emissions solutions include hydrogen fuel-cell power and hybrid fuel-cell and battery units.

Renault already sells a range of full-electric vans, including the compact Kangoo, the medium Trafic and the larger Master. However, they are based on existing internal-combustion engine platforms rather than a dedicated EV one.

Volvo Group is a separate entity from Volvo Cars and is the parent company of Renault Trucks, which itself is separate from Renault Group. Volvo Group and Renault Trucks provide distribution services for Renault’s Trafic and Master vans.