Volta Trucks
Volta Trucks, the disruptive full-electric commercial vehicle manufacturer and service provider, announced the arrival of its Volta Zero in Spain, following the conclusion of a successful Series C funding round of $256 million.
Volta Trucks will be in Madrid on the 5th to 6th April, presenting the Volta Zero at the Circuito del Jarma, home to the Spanish Grand Prix between 1968 and 1981.
Diesel-engine trucks account for 72% of road-going greenhouse gases. To decarbonize last mile logistics, the Swedish start-up has launched the world’s first purpose-built, full-electric 16-ton Volta Zero in Spain, designed for city-center distribution, reducing the environmental impact of freight transport in urban centers, where air quality is at its worst.
Following the start of production this year, the vehicles will be in circulation throughout Madrid in 2023, a city that exceeded the EU’s air quality standard in 2021. Volta Trucks plans to produce 5,000 vehicles throughout Europe in 2023, increasing to 14,000 in 2024, 27,000 in 2025. The 16-ton vehicle is the first of the four variants which range between 7.5- and 18-tons.
This announcement follows a successful Series C funding round which saw a total investment of $256 million into the company. Existing New York-based investor, Luxor Capital Group, LP, led this funding round, while Stockholm-based initial seed investor and co-lead, Byggmästare Anders J Ahlström, extended its holding. The latest funding round will fund engineering and business operations until after the start of production in late 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’ll also fund the continued development of the 7.5- and 12-ton full-electric Volta Zero derivatives and prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
“We are a revolutionary and innovative player in the field of commercial vehicles, and we are pleased that the successful and oversubscribed conclusion of our Series C funding round demonstrates the confidence placed by new and existing investors in the strategy and track record of Volta Trucks. They are top-level investors who share our vision and trust in the scalability of our business model, the future of electric commercial vehicles and the new value proposition in the commitment to a greener, safer, and more sustainable city”, says Essa Al-Saleh, CEO of Volta Trucks.