Volta Trucks has announced a successful conclusion of its funding round with $20 million of new investment, led by New York-based Luxor Capital Group.
The leading full-electric commercial vehicle manufacturer has also said that the order book for the Volta Zero, the world’s first purpose-built full electric large commercial vehicle, now stands at over $260 million.
As we reported the Zero is a 16-tonne vehicle designed for inner-city freight deliveries. According to the company, it will have a 160 to 200 kWh battery size and a range of 90 to 125 miles, with a top speed of 56 mph. It is estimated that it will eliminate around 180,000 tonnes of CO2 by 2025.
The investment will give the company the space to scale and grow, expanding its team of world-class engineers and commercial experts while pushing forward with vehicle development, its industrialisation plans, and the expansion of its commercial operations, according to Rob Fowler, Chief Executive Officer of Volta Trucks.
“This latest successful funding round for Volta Trucks is a milestone for the company and its development,” he said. “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.”
It has been a positive moment for Volta as we reported that, in December, the company has partnered up with Petit Forestier Group to make a refrigerated all-electric commercial vehicle available for rental from 2022. The group has agreed to purchase 1,000 Volta Zeros to accelerate its transition towards cleaner energies, which represents Volta Trucks’ largest sale to date.
The electric commercial manufacturer has also signed a multi-million-pound deal for the supply of a fleet of Volta Zero trucks to Drinks Cubed, the London-based sustainable drinks brand.
The prototype of the Volta Zero was launched in September 2020, with the first vehicles expected to be operating with customers in late 2021.