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Electric truck pioneer Volta Trucks files for bankruptcy

Electric truck pioneer Volta Trucks files for bankruptcy

Business news |
By Nick Flaherty



Swedish electric truck startup has filed for bankruptcy after the collapse of its battery supplier and the failure to raise follow on funding.

Volta Trucks raised a massive €290m ($330m) to develop its electric truck platform and had an order book of €1.2bn for its 16 tonne electric truck. The company, based in Stockholm, Sweden, has its engineering led from the UK and was building a manufacturing plant in Steyr, Austria.

“The recent news that our battery supplier, Proterra, has filed for Chapter 11 Bankruptcy, has had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce. The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players,” it said.

Proterra, which had battery manufacturing in South Carolina and headquarters in Silicon Valley, filed for Chapter 11 protection in early August.

“With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England.”

“Volta Trucks accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future,” said the board.

“We created the world’s first purpose built 16-tonne all-electric truck, including a unique cab and chassis design. Piloting in five countries in Europe, we received fantastic feedback, which led to a strong pipeline of highly reputed customers who wanted to introduce our Volta Zero Trucks into their fleets.”

“The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners.”

The Series C round in February 2022 was led by existing investor, Luxor Capital Group, while the initial seed investor and co-lead, Byggmästare Anders J Ahlström, extended its holding. Agility added to their previous investment and B-Flexion, previously Waypoint Capital, joined the round.

This follows the merger of another European electric truck maker, Tevva, with a US company with a shift in manufacturing.

The insolvency practitioners for Volta Trucks are the London office of New York-based Alvarez & Marsal. 

www.voltatrucks.com

 

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