Volta Trucks has confirmed a €230m in a Series C funding round which will be used for engineering and business operations until the start of production in mid-2022.
The Swedish start-up has developed the world’s first purpose-built fully electric 16-tonne Volta Zero commercial truck.
The money will also fund the continued development of the recently confirmed 7.5-tonne and 12-tonne variants, as well as prepare the firm’s contract manufacturing facility in Steyr, Austria.
Luxor Capital Group led the funding round as its existing New York-based investor, while Stockholm-based initial seed investor and co-lead, Byggmästare Anders J Ahlström, extended its holding.
“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,” said Essa Al-Saleh, chief executive of Volta Trucks.
The manufacturer has also announced that its Volta Zero has landed in Spain as the firm continues its European tour.
Volta Trucks will be in Madrid on the 5th to 6th April at the Circuito del Jarma, home to the Spanish Grand Prix between 1968 and 1981.
The Zero is the first of four variants that range from 7.5 tonnes and 18 tonnes.
In 2023, the company plans to produce 5,000 vehicles throughout Europe, rising to 14,000 in 2024 and 27,000 in 2025.
Volta Trucks will first launch in London and Paris at the end of the year before expanding into other cities in Europe in North America.