€230m for European electric truck rollout
Swedish startup Volta Trucks has raised €230m to roll out its commercial electric truck by the end of the year.
The company, based in Stockholm, Sweden, has its engineering led from the UK, and forthcoming manufacturing facility in Steyr, Austria. The funding round will support engineering and sales until after the start of production of a 16 tonne electric truck in late 2022.
The Series C round was led by existing investor, Luxor Capital Group, while the initial seed investor and co-lead,Byggmästare Anders J Ahlström, extended its holding in Volta Trucks. Agility add to their previous investment in Volta Trucks and B-Flexion, previously Waypoint Capital, joined the round, This brings the total investment to €290m ($330m).
The company saw Europe’s largest order of electric trucks from DB Schenker in late 2021 for nearly 1500 vehicles. Pre-orders for the Volta Zero now exceed 5,000 vehicles, with an orderbook value of more than €1.2 billion.
The funding will support 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 confirmed 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.
There are production plans for 5,000 vehicles in 2023, 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-tonne variants.
“[The] 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 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 Essa Al-Saleh, Chief Executive Officer of Volta Trucks.
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