UK-based electric truck startup Volta Trucks has confirmed 24.6 million euros in funding from the German Federal Ministry of Transport to subsidize vehicle costs for 151 all-electric Volta Zero trucks.
The subsidies granted by the German Ministry will be used to reduce vehicle costs. This promises competitive prices and makes the switch to an electric vehicle fleet even more attractive for many companies. Volta Trucks will deliver the first subsidised Volta Zero all-electric trucks to customers in 2023. All orders received in Germany by June 2023 can benefit from a subsidy.
The subsidy awarded in Germany for the Volta Zero contributes to the implementation of the German government’s Climate Protection Programme 2030. The aim is to put low-CO2 emitting commercial vehicles on the road and to expand the refuelling and charging infrastructure. By 2030, about one third of the vehicle output in heavy goods transport in Germany is to be electric or based on electricity-based fuels. From 2021 to 2026, around 1.3 billion euros are available to support the purchase of climate-friendly commercial vehicles. In addition, around 6.3 billion euros will be available for the construction or expansion of refuelling and charging infrastructure for cars and trucks. The additional investment costs for vehicle and infrastructure procurement will be subsidised by 80 percent, and feasibility studies will also be supported.
The 151 Volta Zeros will receive a total of €24.6 million in funding from the Federal Ministry of Digital Affairs and Transport under the Directive on the Promotion of Light and Heavy Commercial Vehicles with Alternative, Climate-friendly Drive Systems and Associated Fuelling and Charging Infrastructure (KsNI). The funding guideline is coordinated by NOW GmbH, and applications are approved by the Federal Office for Logistics and Mobility.
In a related news, Volta Trucks has partnered with Qover and Helvetia International Automotive to provide their customers with all-electric fleet insurance.
The specialised insurance cover for Volta Trucks’ customers will be managed by Qover, Europe’s leading insurtech for orchestrating embedded insurance, and insured by Helvetia International Automotive, a division of the S&P A+ rated Swiss insurance company with over 160 years of insurance experience.
Volta Trucks’ customers will be offered tailored motor insurance, through Qover and Helvetia, with bespoke, adjustable cover levels based on each fleet-use case. This is delivered by a simple and seamless end-user experience, supported by digital tools, from quote to subscription and claim, with any repair work undertaken by Volta Trucks’ own high-quality repair experts within the manufacturer’s network.
The partnership between Volta Trucks and Qover will be available to all customers in Volta Trucks’ launch markets across the EU and in the UK. Helvetia insurance products will be available to customers in the initial European countries: in France, Spain, Germany and Netherlands. Other countries across Europe and Scandinavia will follow in due course.
The provision of insurance is a key component of Volta Trucks’ Truck as a Service offer. It de-risks and accelerates the adoption of electric commercial vehicles for Fleet Operators by delivering a frictionless and hassle-free way to electrify their fleets. Truck as a Service supports every step of the electrification migration by offering affordable access to an all-electric Volta Zero vehicle, and all its servicing, maintenance, insurance and training requirements, maximising the uptime and operational efficiency of the vehicle.
