Swedish Electric Truck Company Raises €37m
Pre-orders for the company's Volta Zero truck pass 2,500, with an order value exceeding €600m.
Volta Trucks, a full-electric commercial vehicle manufacturer and services provider has announced the successful conclusion of its Series B funding round, with €37 million secured in new capital.
Volta Trucks is a Swedish, full-electric goods vehicle manufacturer and services company jostling for pole position with the likes of the American Tesla and German Daimler in the burgeoning electric and autonomous heavy goods vehicle market. The company has offices in Sweden, France and the UK and is developing its flagship product, the Volta Zero.
The funding round was led by Luxor Capital with existing investors extending their investments and strategic partners joining Volta Trucks. Luxor Capital manages more than $8 billion in assets and has made investments into many automotive and alternative energy companies.
Confirming the new investment, Essa Al-Saleh, Chief Executive Officer of Volta Trucks, said, “The successful conclusion of our Series B funding round gives us positive external validation of our journey. Attracting several first-time investors, plus increased investment from existing partners totalling €37 million, is a strong endorsement of the path we are on and shows that our investors share and support our development and growth strategy.
“To be able to concurrently announce that we now have over 2,500 pre-orders for the full-electric Volta Zero, shows that customers also understand and share our mission to revolutionise and decarbonise city centre logistics, and bring full-electric commercial vehicles to market as soon as possible”.
In the short term, Volta Trucks noted that the outcome of the funding round will provide it with the means to accelerate its expansion with the development of Pilot Fleet vehicles that will be evaluated by customers in London and Paris in mid-2022, in advance of the start of full-scale production by the end of 2022.
Looking ahead, it said it will further help facilitate the company’s Road- to-Zero Emissions strategy that sees four Volta Zero models developed and offered in European and US markets, with over 27,000 vehicles expected to be sold by 2025.
After recently signing a manufacturing agreement with Steyr Automotive, Volta Trucks has also confirmed positive updates to its order book. Pre-orders for the Volta Zero exceed 2,500 vehicles with an order value of over €600 million, which has doubled in the past three months.
Sharp McGivaren of Luxor Capital, and Volta Trucks Board Member, added, “Volta’s commercial, engineering, manufacturing, and organizational progress has been nothing short of incredible. The Volta Zero and the benefits it delivers over conventional commercial vehicles are clearly resonating with customers, which is demonstrated by its current €600 million order book and the identified pipeline that is several times that size. We are thrilled to increase our commitment to Volta as it continues its path towards production”.
Agility, a provider of supply chain services, innovation and investment, also became a first-time investor in Volta Trucks. Agility is focused on partnerships with companies that are developing cleaner commercial vehicles, mass-transit alternatives, freight marketplaces, and digital load-matching platforms – all intended to reduce CO2 emissions, congestion and fuel use.
The company’s original seed investor and participant in the Series A round, Byggmästare Anders J Ahlström of Stockholm, also added to its investment in Volta Trucks. They were further joined by strategic partners and first-time investor, Proterra, which was selected as a battery supplier for the Volta Zero.
You can find more information about Volta Trucks and its recent €37m funding round on its website.
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