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Volta Trucks Raises $260 Million To Fund Electric Vehicle Launch


Protoypes of the Volta Zero, a 16-tonne fully-electric truck, might be delivered to clients in mid-2022, with sequence manufacturing as a result of begin in late 2022.

Volta Trucks stated on Friday that it had raised 230 million euros ($260 million) in Series C funding spherical, which is able to finance it by way of the launch of sequence manufacturing of its Volta Zero electrical truck in late 2022.

Stockholm-based Volta Trucks, which additionally operates within the UK, stated that the funding spherical was led by hedge fund Luxor Capital, which had beforehand invested in Volta Trucks.

Initial seed investor Byggmastare Anders J Ahlstrom Holding AB additionally participated within the funding spherical, which brings the whole Volta Trucks has raised to round 300 million euros.

Protoypes of the Volta Zero, a 16-tonne fully-electric truck, might be delivered to clients in mid-2022, with sequence manufacturing as a result of begin in late 2022.

Startups and conventional automakers are speeding to convey electrical fashions to market as they face looming bans on fossil-fuel autos in China and Europe.

The newest funding “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,” Volta Trucks Chief Executive Essa Al-Saleh stated in an announcement.

The firm stated its order ebook now exceeds 5,000 autos with a price of 1.2 billion euros.

The funding will even fund the event of seven.5-tonne and 12-tonne electrical vehicles.

Volta Trucks plans to make 5,000 vehicles at its plant in Steyr, Austria, in 2023, and annual manufacturing ought to rise to 27,000 by 2025.

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(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)

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