Volta Trucks raises €230 million of Series C funding
New generation electric commercial vehicle manufacturer Volta Trucks has confirmed successful and oversubscribed Series C funding round with a total investment of €230 million into the company. The latest capital raise will support its business operations until after the production of its 16-tonne Volta Zero EV scheduled to commence in late 2022.
The 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. Series B investor Agility also joined the capital raise.
Volta Trucks says that the fresh investments will go into 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.
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 gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers", he added.
The funds will also support 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 will 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 significant customer contracts, including the recent announcement of Europe's largest order of 1,500 full-electric trucks from DB Schenker, Europe's premier land transport company. With this, Volta Trucks' orderbook has registered over 5,000 vehicles so far, with an order value of over €1.2 billion.