Sweden’s Volta Trucks has raised €230 million (£191m) of capital following a successful and oversubscribed funding round.as it prepares for the production of its all-electric truck.
The investment will fund the company’s engineering and business operations until after the start of the series production of the 16-tonne all-electric Volta Zero at the end of 2022, which is estimated to eliminate 1.2 million tonnes of CO2 by 2025.
It 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.
In addition, it will fund the continued development of the recently-confirmed 7.5-tonne and 12-tonne all-electric Volta Zero derivatives as well as prepare the company’s manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
Volta has production plans for 5,000 of its all-electric trucks in 2023, increasing to 14,000 trucks in 2024 and up to 27,000 vehicles in 2025, by which time the company will be operational across Europe and the US, with a portfolio of four Volta Zero models in production.
Essa Al-Saleh, Chief Executive Officer of Volta Trucks said; “The successful and oversubscribed conclusion of our Series C funding round gives us a positive external validation of our journey. As an innovator and disruptor in commercial vehicles, we are working at industry-leading pace and have significant ambitions.
“Today’s 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 [£0.99bn], gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers.”
The funding round was led by New York-based Luxor Capital, with other investors including Byggmästare Anders J Ahlström of Stockholm, Agility and B-FLEXION.