- 25 February 2022
- Transport / Logistics Services
Leading EV commercial truck manufacturing startup Volta Trucks has concluded an oversubscribed, €230 million Series C capital raise. New York based Luxury Capital led the investment round, as well as a number of other new and existing investors.
According to Sweden based Volta Trucks, the funds will pay for all its engineering and business operations until after the start of series production of its 16-tonne full-electric Volta Zero at the end of this year. In addition the investment will fund the continued development of the recently announced 7.5 and 12-tonne Volta Zero derivatives.
Volta Trucks plans to produce 5,000 of its EV trucks, and intends to build 14,000 of the vehicles in 2024, rising to 27,000 in 2025. It will become operational in the EU and US by 2025 and have four trucks in production including an 18-tonne variant. Its current order book has more than 5,000 trucks with a total sales price of more than €1.2bn.
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 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 orderbook of over 5,000 vehicles with an orderbook 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.”