Swedish Electric Truck Firm Raises Further €230m
Volta Trucks, the full-electric commercial vehicle manufacturer and services provider, has announced the conclusion of its Series C funding round with a €230 million capital raise. The latest capital raise follows a €37 million Series B funding round in September 2021.
Volta Trucks is a Swedish, full-electric goods vehicle manufacturer and services company jostling for pole position with the likes of the American Tesla and German Daimler in the burgeoning electric and autonomous heavy goods vehicle market. The company has offices in Sweden, France and the UK and is developing its flagship product, the Volta Zero.
This latest capital raise will fund all the company’s engineering and business operations until after the start of the series production of the 16-tonne full-electric Volta Zero at the end of 2022. This 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.
It will also fund the continued development of the recently confirmed 7.5 and 12-tonne 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.
In 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 expects to be operational across Europe as well as the US, with a portfolio of four Volta Zero models in production, including 7.5, 12, 16 and 18-tonne variants.
Supporting these volume expectations are large customer contracts, including the recent announcement of Europe’s largest order of full-electric trucks from DB Schenker, a major European land transport company, ordering nearly 1,500 vehicles. This, and other recent pre-orders has taken the Volta Trucks order book to over 5,000 vehicles, with an order value of over €1.2 billion.
Confirming the new investment, 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 an 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 order book of over 5,000 vehicles with an order book value exceeding €1.2 billion, 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, whilst 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 the cap table. Previous Series B investor, Agility, a provider of supply chain services, joined the capital raise whilst B-FLEXION, the private entrepreneurial investment firm formerly known as Waypoint Capital, also became investors in Volta Trucks.
You can find more information about Volta Trucks and the €230 Series C funding round on its website.
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