New Volvo EX30 priced from £33,795 in the UK

More

The Fully Electric Volvo EX30 Officially Revealed

More

How Home Charging Is Enhancing the Electric Car Experience

More

Faraday Future Launches Limited Edition FF 91 2.0 For $309K

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

Volta Trucks raises €230 million of Series C funding as it prepares the full-electric Volta Zero for production

Volta Trucks has announced the successful and oversubscribed conclusion of its Series C funding round with a €230 million capital raise. 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.

Previous Series B investor, Agility, a leading provider of supply chain services, innovation, and investment, also joined the capital raise. The additional investment from these major shareholders demonstrates their confidence in the company’s journey and strategy, and its future success.

B-FLEXION, formerly Waypoint Capital, also became investors in the Volta Trucks journey. B-FLEXION is a private entrepreneurial investment firm. It makes long-term, thematic, direct Principal Investments into businesses in transformative industries, and builds Investment Partnerships across a wide range of areas including Growth & Venture, Buy-Outs, Real Estate, Infrastructure, Public Securities, Credit, Hedge Funds, and other Alternatives. With offices across North America and Europe, it builds on a more than 20-year history of delivering exceptional and lasting value for its clients, while making a positive contribution to society.

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.

During 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 full-electric trucks from DB Schenker, Europe’s premier land transport company, 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.

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.”

Feb 22, 2022Blagojce Krivevski
BYD Enters the Australian Passenger Vehicle Market With ATTO 3 EV CrossoverThe first fully electric BMW xDrive system in the BMW iX and the BMW i4 M50
You Might Also Like
 
Volta Zero selected by Bring and Posten for trials in the Nordic region
 
Volta Trucks to partner with EAVX to provide truck bodies for Volta Zero US Pilot Fleet
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

February 22, 2022 Electric Car NewsVolta, Volta Trucks, Volta Zero
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
Recent News
New Volvo EX30 priced from £33,795 in the UK
June 7, 2023
The Fully Electric Volvo EX30 Officially Revealed
June 7, 2023
Fisker Details Emission Credits Strategy for United States
June 7, 2023
FIAT Is Offering Customers £3,000 To Buy New Fiat 500 Electric
June 7, 2023
British Gas launches new Hive EV Charger
June 7, 2023
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
New Volvo EX30 priced from £33,795 in the UK
June 7, 2023
The Fully Electric Volvo EX30 Officially Revealed
June 7, 2023
Fisker Details Emission Credits Strategy for United States
June 7, 2023
Get in touch

Email: [email protected]

Get new stories by email:
Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.