Volta Trucks confirms successful funding round of $20 million as the order book for Volta Zero electric truck grows to $260 million
World’s first purpose-built zero-emissions electric 16-tonne truck designed for inner-city freight deliveries will hit the roads in 2021
Volta Trucks, a leading fully-electric commercial vehicle manufacturer, has announced the successful conclusion of its recent funding round. It brings new investment, shareholders, and soon, a new board member into the company. New investors joined the Volta Trucks journey, and existing investors increased their funding, providing external validation of the progress towards the company’s goals and future potential.
Leading the $20 million (£15 million/€16.5 million) convertible debt funding raise was prominent New York-based investment firm Luxor Capital. They manage more than $6 billion (£4.4 billion/€5 billion) in assets and have made investments into many automotive and alternative energy companies including Hyliion, Nikola, Lordstown Motors, QuantumScape and EverFuel.
Volta Trucks will soon also welcome Sharp McGivaren to its board of directors. Luxor Capital joins previous lead investor, Byggmästare Anders J Ahlström of Stockholm, and several supporting shareholders.
The successful conclusion of this funding round gives the company the space to scale and grow. It will also allow Volta to expand its team of world-class engineers and commercial experts as the company pushes forwards with vehicle development, its industrialisation plans and the expansion of its commercial operations.
The order book for the Volta Zero, the world’s first purpose-built fully electric large commercial vehicle, now stands at over $260 million (£190 million/€214 million). This follows a successful commercial period of customer acquisition for the company, with a significant number of additional vehicle orders expected to be announced in the coming weeks. The first Volta Zero vehicles are expected to be operating with customers in late 2021.
Sharp McGivaren of Luxor Capital, said:
“Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”
Essa Al-Saleh, Volta Trucks chairman of the board of directors, said: “I am excited to welcome Sharp McGivaren to the board of directors. His mix of electric vehicle industry knowledge and public markets insights will serve the company well as we look toward the next stages of our journey. Luxor Capital’s investment serves as a confirmation of Volta Trucks’ value proposition for its customers as we transition toward a zero-emission future.”
Rob Fowler, Volta Trucks CEO, said:
“This latest successful funding round for Volta Trucks is a milestone for the company and its development. We are a young and scaling company, and this investment gives us the ability to grow our teams of engineering and commercial specialists as we look ahead to the production of the first Volta Zero vehicles in 2021.”