This content is not available in your region

Volta Trucks raises $260 million to fund electric vehicle launch

Volta Trucks raises $260 million to fund electric vehicle launch
Volta Trucks raises $260 million to fund electric vehicle launch   -   Copyright  Thomson Reuters 2022   -  
By Reuters

<div> <p>By Nick Carey</p> <p><span class="caps">LONDON</span> – Volta Trucks said on Friday that it had raised 230 million euros ($260 million) in Series C funding round, which will finance it through the launch of series production of its Volta Zero electric truck in late 2022.</p> <p>Stockholm-based Volta Trucks, which also operates in the UK, said that the funding round was led by hedge fund Luxor Capital, which had previously invested in Volta Trucks. </p> <p>Initial seed investor Byggmastare Anders J Ahlstrom Holding AB also participated in the funding round, which brings the total Volta Trucks has raised to around 300 million euros.</p> <p>Protoypes of the Volta Zero, a 16-tonne fully-electric truck, will be delivered to customers in mid-2022, with series production due to start in late 2022.</p> <p>Startups and traditional automakers are rushing to bring electric models to market as they face looming bans on fossil-fuel vehicles in China and Europe.</p> <p>The latest funding “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,” Volta Trucks Chief Executive Essa Al-Saleh said in a statement. </p> <p>The company said its order book now exceeds 5,000 vehicles with a value of 1.2 billion euros.</p> <p>The funding will also fund the development of 7.5-tonne and 12-tonne electric trucks. </p> <p>Volta Trucks plans to make 5,000 trucks at its plant in Steyr, Austria, in 2023, and annual production should rise to 27,000 by 2025.</p> <p/> </div>