Luxor Capital Group, one of the main investor in the original Volta Trucks project (so, among the main creditors after the company’s bankruptcy) has bought the Volta Trucks business. We talked about the negotiations in this post, a few days ago. The electric truck manufacturer employed about 850 people all over Europe, 600 of which used to work in the UK.
The future of Volta Trucks after the intervention of Luxor Capital hedge fund
According to Sky News, which has been following closely the whole story, the future of these workers is still uncertain. There was no official news, but it seems that only a few of them will be employed by the new owners of Volta Commercial Vehicles Limited, the name of the new company.
“We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd.”, said A&M managing director Andrea Jakes. Alvarez & Marsal (A&M) were appointed administrators to Volta Trucks’ UK business after the failure, in October. Of course, it’s not clear yet how the future of the project, which core business was the manufacturing and sales of the Volta Zero electric truck mainly for urban distribution.