- 27 January 2021
- Transport / Logistics Services
Fully electric commercial vehicle manufacturer Volta Trucks has announced the successful conclusion of a US $20 million funding round.
The convertible debt funding raise was led by New York investors Luxor Capital. It has been invited to put its man Sharp McGivaren onto the Volta Trucks Board of Directors.
The funding round allows the company to scale and grow, and expand its team of engineers and commercial experts as it works on vehicle development, industrialisation plans and the growth of commercial operations.
Volta Trucks’ order book is now more than $260 million and follows a successful period of commercial customer acquisition, and the company expects to announce a significant number of additional vehicle orders in the coming weeks. The first of its vehicles are expected to hit the road in late 2021.
Rob Fowler, Chief Executive Officer of Volta Trucks, said: “This latest successful funding round for Volta Trucks is a milestone for the company and its development. We are a young and scaling company, and this investment gives us the ability to grow our teams of engineering and commercial specialists as we look ahead to the production of the first Volta Zero vehicles in 2021.”
Confirming the investment, Sharp McGivaren of Luxor Capital, said: “Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”
Essa Al-Saleh, Chairman of the Board of Directors of Volta Trucks, continued: “I am excited to welcome Sharp McGivaren to the Board of Directors. His mix of electric vehicle industry knowledge and public markets insights will serve the Company well as we look toward the next stages of our journey. Luxor Capital’s investment serves as a confirmation of Volta Trucks’ value proposition for its customers as we transition toward a zero-emission future.”