Full-electric commercial vehicle manufacturer and services provider Volta Trucks announced the successful and oversubscribed conclusion of its Series C funding round with a €230-million (US$260-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.
Previous Series B investor, Agility, a leading provider of supply chain services, innovation, and investment, also joined the capital raise. B-FLEXION, formerly Waypoint Capital, also became investors in the Volta Trucks journey.
This latest capital raise will fund all the company’s engineering and business operations through 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 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.
During 2023, the company’s targeted 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-tonne variants.
Supporting these volume expectations are significant customer contracts, 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 orderbook to over 5,000 vehicles, with an order value of more than €1.2 billion.