Volta Trucks concludes Series C funding

This latest capital raise will fund all the company’s engineering and business operations through until after the start of series production of the 16-tonne full-electric Volta Zero at the end of 2022.

Autocar Pro News Desk By Autocar Pro News Desk calendar 21 Feb 2022 Views icon3898 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Volta Trucks, a full-electric commercial vehicle manufacturer and services provider, has announced the successful and oversubscribed conclusion of its Series C funding round with a €230 million capital raise. The funding round was led by New York-based Luxor Capital, while initial seed investor, Byggmästare Anders J Ahlström of Stockholm, added to its holding in the company as well as bringing further direct and indirect co-investors to the cap table.

Previous Series B investor, Agility, a leading provider of supply chain services, innovation, and investment, also joined the capital raise. The additional investment from these major shareholders demonstrates their confidence in the company’s journey and strategy, and its future success.

B-FLEXION, formerly Waypoint Capital, also became investors in the Volta Trucks journey. B-FLEXION is a private entrepreneurial investment firm. It makes long-term, thematic, direct Principal Investments into businesses in transformative industries, and builds Investment Partnerships across a wide range of areas including Growth & Venture, Buy-Outs, Real Estate, Infrastructure, Public Securities, Credit, Hedge Funds, and other Alternatives.

This latest capital raise will fund all the company’s engineering and business operations through until after the start of series production of the 16-tonne full-electric Volta Zero at the end of 2022. This includes the completion of a fleet of Design Verification prototypes for engineering development and testing, as well as a fleet of Product Verification vehicles that will be evaluated by customers in London and Paris in mid-2022. It will also fund the continued development of the recently confirmed 7.5- and 12-tonne full-electric Volta Zero derivatives, as well as prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.

During 2023, the company’s first year of series production, Volta Trucks has production plans for 5,000 vehicles, increasing to 14,000 trucks in 2024 and up to 27,000 vehicles in 2025. By this time, the company will be operational across Europe as well as the US, with a portfolio of four Volta Zero models in production, including 7.5-, 12-, 16- and 18-tonne variants. Supporting these volume expectations are significant customer contracts, including the recent announcement of Europe’s largest order of full-electric trucks from DB Schenker, Europe’s premier land transport company, ordering nearly 1,500 vehicles. This, and other recent pre-orders has taken the Volta Trucks orderbook to over 5,000 vehicles, with an order value of over €1.2 billion.

Confirming the new investment, Essa Al-Saleh, Chief Executive Officer of Volta Trucks, said; Todays closing of the Series C funding round, bringing 230 million into the company, gives us the financial runway to be able to deliver on all our goals as we transition from a start-up to a manufacturer of full-electric trucks. The confirmation of our orderbook of over 5,000 vehicles with an orderbook value exceeding 1.2 billion, gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers.

 

 

 

Tags: Volta Trucks
RELATED ARTICLES
‘A new small SUV EV will play well for us in emerging markets like India’: Volvo Cars CEO Jim Rowan

auther Autocar Pro News Desk calendar06 Feb 2023

Volvo Cars is to unveil a new small all-electric SUV, which may make its way into emerging markets like India by 2024-25...

ContiTech’s strategic business realignment to see enhanced synergies from automotive

auther Autocar Pro News Desk calendar03 Feb 2023

Continental is strategically realigning its ContiTech group sector, which specialises in material-driven solutions. The ...

Quest Global to use Nvidia’s Omniverse digital twin solutions for manufacturing industry

auther Autocar Pro News Desk calendar03 Feb 2023

Nvidia Omniverse Enterprise is an end-to-end 3D simulation platform that helps companies develop and operate physically ...