Volta Trucks raises US$43m in funding; preorders pass 2,500

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Volta Trucks has closed its Series B funding round with a total capital raise of €37m ($43m) from Luxor Capital, Byggmästare Anders J Ahlström, Proterra and Agility.

Alongside the recent signing of a manufacturing agreement with Steyr Automotive, Volta Trucks has also confirmed that pre-orders for the Volta Zero have passed 2,500, with an order value now standing at over €600m (US$704m) after doubling in the past three months.

Sharp McGivaren of Luxor Capital and Volta Trucks board member, said, “The Volta Zero and the benefits it delivers over conventional commercial vehicles are clearly resonating with customers.”

Following this milestone, Volta Trucks investments increased from new and existing investors. Existing investor Luxor Capital and original seed investor Byggmästare Anders J Ahlström of Stockholm both added to their investments into Volta Trucks. They were also joined by two first-time investors: Proterra – Volta Zero’s battery supplier; and Agility – a supply chain provider. Agility’s Volta investment is part of its broader strategy of investing in supply chain sustainability and resilience. Tarek Sultan, CEO, Agility, said, “Volta Trucks and Agility share a vision of a zero-emissions future and a determination to make it happen sooner rather than later.”

In the short term, the funding round outcome will mean Volta Trucks can accelerate its development of pilot fleet vehicles. Volta Trucks plans to have the vehicles evaluated by customers in London, UK, and Paris, France, in mid-2022. Following this, full-scale production will begin by the end of 2022. Looking ahead, the funding will also help facilitate the company’s Road-to-Zero Emissions strategy. This initiative intends to develop four Volta Zero models for European and US markets, and subsequently sell over 27,000 of these vehicles by 2025. 

Confirming the new investments, Essa Al-Saleh, chief executive officer of Volta Trucks, added, “Attracting several first-time investors, plus increased investment from existing partners totalling €37m [$43m], 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 revolutionize and decarbonize city center logistics, and bring full-electric commercial vehicles to market as soon as possible.”

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