Last updated on February 28th, 2022 at 05:05 pm
Volta Trucks, the Swedish full-electric commercial vehicle manufacturer, has raised €230 million in its Series C funding round.
The new investment will fund Volta Trucks’s engineering and business operations as the company prepares to start series production of Volta Zero, a 16-tonne full-electric truck, at the end of 2022. The funding will also contribute to the development of the 7.5 and 12-tonne versions of Volta Zero.
New York-based Luxor Capital led the funding round, while existing investor Byggmästare Anders J Ahlström, which is based in Stockholm, added to its holding in the company.
Supply chain service provider Agility and private entrepreneurial investment firm B-FLEXION also invested in Volta Trucks in the Series C funding round.
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.” He added that the €230 million investment would enable the company to transition from a start-up to a manufacturer of full-electric trucks.
Volta Trucks plans to produce 5,000 vehicles in 2023, upping its production to 27,000 vehicles a year by 2025.
“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,” said Al-Saleh.
The new investment will also fund 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.