Volta Trucks confirms successful funding round of $20 million as the order book for Volta Zero grows to $260 million.
- Volta Trucks concludes successful funding round with $20 million of new investment, led by New York-based Luxor Capital Group, LP.
- Sharp McGivaren of Luxor Capital to become a Board Member of Volta Trucks.
- Volta Trucks’ order book for the forthcoming Volta Zero reaches $260 million.
Volta Trucks, the leading full-electric commercial vehicle manufacturer, has announced the successful conclusion of its recent funding round, bringing 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 convertible debt funding raise was prominent New York-based investment firm, Luxor Capital, which manages more than $6 billion in assets, and has 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 a number of supporting shareholders.
The successful conclusion of this funding round gives the company the space to scale and grow, expanding 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 full electric large commercial vehicle, now stands at over $260 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.
Confirming the investment, 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, Chairman of the Board of Directors of Volta Trucks, continued;
“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, Chief Executive Officer of Volta Trucks, concluded;
“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.”
About the Volta Zero.
The Volta Zero is the world’s first purpose-built full-electric 16-tonne vehicle designed for inner-city freight deliveries, reducing the environmental impact of freight deliveries in city centres. Designed from the ground up with an operating pure-electric range of 150 – 200 kms (95 – 125 miles), the Volta Zero will eliminate an estimated 180,000 tonnes of CO2 by 2025.
Safety is also at the heart of Volta Trucks, with its ambition of being the safest large commercial vehicle manufacturer. The Volta Zero was designed for electric from the outset, which facilitates a step-change in vehicle, driver and pedestrian safety. Thanks to the removal of the internal combustion engine, the operator of a Volta Zero sits in a central driving position, with a much lower seat height than a conventional truck. This combination, plus a glass house-style cab design, gives the driver a wide 220-degrees of visibility, minimising dangerous blind spots.
The prototype Volta Zero was launched in September 2020, with the first vehicles expected to be operating with customers in late 2021.
About Volta Trucks.
Volta Trucks is a start-up full-electric goods vehicle manufacturer and services company. Volta Trucks has offices in Sweden, France and the UK and is partnering with a number of global leaders in the supply chain for the development and production of the Volta Zero.
About Luxor Capital
Luxor Capital Group, LP is a New York-based investment firm founded in 2002 which manages in excess of $6 billion in assets. It makes global public and private investments through its fundamental, long-term oriented investment process. Select Luxor Capital battery-electric and next generation fuel investments include QuantumScape, Lordstown Motors, Romeo Power, Hyliion, Nikola Corp., Everfuel, and HydrogenPro among others.
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