Volta Trucks Raises $260 Million To Fund Electric Vehicle Launch
Prototypes 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.
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.
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. [1]
Figure 1. Volta Trucks Raises $260 Million To Fund Electric Vehicle Launch
Figure 1 shows initial seed investor Byggmastare Anders J Ahlstrom Holding AB (AJAb.ST) also participated in the funding round, which brings the total Volta Trucks has raised to around 300 million euros.
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.
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. [2]
The company is building a production facility in Austria, with plans to produce 5,000 vehicles in 2023; 14,000 trucks in 2024; and up to 27,000 trucks in 2025. [3]
The company has raised €230 million (around $260 million), a Series C round of funding that appears to value the company at just over $490 million (€433 million). Volta will be using the money to fund engineering and business operations ahead of its first trucks rolling off the assembly line, on the back of what looks like a healthy list of customers: Volta said that its pre-order book for its all-electric Volta Zero — said to be [3] the first fully electric, purpose-built commercial freight vehicle designed for urban freight distribution — is currently totaling over €1.2 billion, covering more than 5,000 vehicles. Volta’s wider business strategy will be based both on selling trucks as well as offering its vehicles on a trucking-as-a-service model.
References:
- https://www.carandbike.com/news/volta-trucks-raises-260-million-to-fund-electric-vehicle-launch-2777033
- https://www.reuters.com/business/autos-transportation/volta-trucks-raises-260-million-fund-electric-vehicle-launch-2022-02-18/
- https://techcrunch.com/2022/02/21/volta-raises-260m-to-get-its-all-electric-trucks-into-production-by-the-end-of-this-year/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANqYk6bd9AMNhAU-WUY7QIJUdpza_Yt_So4VsL4J88TnTD-1Ub6-HQyLVNnjcvQTmyNGwd92sqRHQGBAULTF9hACKTAijoRi_kZHTy1EAQQNJjDsDczLISsgi9VLQhygebNfVGHva6YDHBmzIdCmYD7uDHeVcJF3Ay7Fwv80Cg1f
Cite this article:
Thanusri swetha J (2022), Volta Trucks Raises $260 Million To Fund Electric Vehicle Launch, pp. 141