Volta Trucks, an ambitious startup in Stockholm, Sweden that claims it will become a full-electric commercial vehicle manufacturer and services provider, today announced the conclusion of its Series C funding round with a €230 million capital obtained. The funding 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. Previous Series B investor, Agility, a provider of supply chain services also joined the funding appeal. (AutoInformed – Volta Trucks Fully-Electric Commercial Zero to Debut in Italy)
Volta is claiming a “Europe-first principles within its Road-to-Zero Emissions strategy, with Volta Trucks set to launch four full-electric commercial vehicles and increase its projected sales volumes to more than 27,000 by 2025.” Given the competition from existing truck makers, this is ambitious – and only a promise until production begins. Following an order of electric trucks from DB Schenker in late 2021, pre-orders for the Volta Zero now exceed 5,000 vehicles, with a value of more than €1.2 billion, Volta claims. (AutoInformed- Production Starts on Prototype Volta Electric Truck)
This capital will fund all the company’s engineering and business operations until after the start of 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 will be evaluated by customers in London and Paris in mid-2022. It will also fund the continued development of the recently announced 7.5- and 12-tonne full-electric Volta Zero derivatives, as well as prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
If all goes as claimed, during 2023, the company’s first year of series production, Volta Trucks has production plans for 5,000 vehicles, increasing to 14,000 trucks in 2024 and up to 27,000 vehicles in 2025. By this time, the company will be operational across Europe as well as the US, with a portfolio of four Volta Zero models in production, including 7.5-, 12-, 16- and 18-ton variants.