Leading full-electric commercial vehicle manufacturer and services provider, Volta Trucks, has announced that the conclusion of the Series C funding round was successful and oversubscribed 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.
According to a press release from the company, the 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 and a private entrepreneurial investment firm, also became investors in the Volta Trucks journey.
This latest capital raise will fund all the company’s engineering and business operations until after the start of the 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 customers will evaluate 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 and prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
In 2023, the company’s first year of series production, it has production plans for 5,000 vehicles, increasing to 14,000 trucks in 2024 and up to 27,000 vehicles in 2025. The company will be operational across Europe and the US by this time, with a portfolio of four Volta Zero models in production, including 7.5-, 12-, 16- and 18-tonne variants.
Significant customer contracts support these volume expectations, 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 order book 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, “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 order book 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.”