Volta Trucks concluded its Series C funding. The Swedish newcomer, which is preparing for the mass production of its well-known Volta Zero 16-ton electric truck, raised 230 million euros more. The last funding round allowed the company to secure about 37 million euros. According to Volta Trucks, this funding 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 the cap table. B-FLEXION, formerly Waypoint Capital, also became investors in the Volta Trucks journey.
Series C funding will support current and future Volta Trucks operations
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-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.
Supporting quite high-volume expectations are significant customer contracts, including the recent announcement of Europe’s largest order of full-electric trucks from DB Schenker, ordering 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 €1.2 billion.
CEO Al-Saleh: «A positive external validation»
«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 €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», commented Essa Al-Saleh, Chief Executive Officer of Volta Trucks.