Volta Trucks raises US$260m in latest funding round

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Swedish electric commercial vehicle manufacturer Volta Trucks has concluded its Series C funding round, raising €230m (US$260m) in capital.

The 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 table. Previous Series B investor Agility, a provider of supply chain services, also joined the capital raise. B-FLEXION, formerly Waypoint Capital, also invested.

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-metric ton Volta Zero at the end of 2022. It will also fund the continued development of the recently confirmed 7.5- and 12-metric ton 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 USA, with a portfolio of four Volta Zero models in production, including 7.5-, 12-, 16- and 18-metric ton variants. Supporting these volume expectations are major customer contracts, including the recent announcement of Europe’s largest order of full-electric trucks from DB Schenker, with 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 €1.2bn (US$1.4bn).

Essa Al-Saleh, CEO 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 €230m (US$260m) into the company, gives us the financial runway to be able to deliver on all our goals as we transition from a startup to a manufacturer of full-electric trucks. The confirmation of our orderbook of over 5,000 vehicles with an orderbook value exceeding €1.2bn (US$1.4bn), gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers.”

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