Volta Trucks has announced the conclusion of a successful Series C funding round of €230 million.
As part of its European roadshow, Volta Trucks will be in Madrid on the 5th to 6th April, presenting the Volta Zero at the Circuito del Jarma, home to the Spanish Grand Prix between 1968 and 1981.
Following the start of production this year, Volta says the vehicles will be in circulation throughout Madrid in 2023, a city that exceeded the EU’s air quality standard in 2021.
Volta Trucks plans to produce 5,000 vehicles throughout Europe in 2023, increasing to 14,000 in 2024, 27,000 in 2025. The 16-tonne vehicle is the first of the four variants which range between 7.5- and 18-tonnes.
The Series C funding round saw a total investment of €230 million into the company. Existing New York-based investor, Luxor Capital Group, LP, led the funding round, while Stockholm-based initial seed investor and co-lead, Byggmästare Anders J Ahlström, extended its holding.
Volta says the latest funding round will fund engineering and business operations until after the start of production in late 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.
“We are a revolutionary and innovative player in the field of commercial vehicles, and we are pleased that the successful and oversubscribed conclusion of our Series C funding round demonstrates the confidence placed by new and existing investors in the strategy and track record of Volta Trucks. They are top-level investors who share our vision and trust in the scalability of our business model, the future of electric commercial vehicles and the new value proposition in the commitment to a greener, safer and more sustainable city,” says Essa Al-Saleh, CEO of Volta Trucks.
Volta Trucks was founded in 2017 by Scandinavian, Carl-Magnus Norden, and co-Founder, Kjell Waloen, with the aim of decarbonising last-mile logistics through improving air quality and helping to make city-center environments safer and more sustainable. The company looks to reduce the overall environmental impact throughout the supply and production chain.
The Volta Zero vehicle has a range of up to 200 km, with a top speed of 90 km/h and a payload capacity of up to 8,000 kg. Volta says the Volta Zero has 90% fewer mechanical parts than an equivalent internal combustion engine vehicle, meaning maintenance requirements are much lower.
In addition, the company proposes a Truck as a Service (TaaS) solution for the electrification of vehicle fleets of all sizes, maximising their uptime and operating efficiency. It is designed to enable commercial fleet operators to simplify, manage and de-risk the migration to electrification.
Volta Trucks will launch first in London and Paris by the end of this year. Volta Trucks will then strategically expand into other cities throughout Europe and in North America.
Volta Trucks says it has signed commercial agreements in Europe, with pre-orders for over 5,000 vehicles, with a value of over €1,200 million. DB Schenker, a leading European road transport company, recently signed an agreement for almost 1,500 full-electric vehicles.
Petit Forestier, a big player in refrigerated vehicle hire, has signed an agreement for 1,000 trucks.