Prototypes of the Volta Zero, a 16-tonne fully electric truck, will be delivered to customers in mid-2022, with series production due to begin in late 2022.
Volta Trucks on Friday said it has raised 230 million euros ($260 million) in a Series C funding round, which will finance it through the launch of series production of its Volta Zero electric truck in late 2022.
Stockholm-based Volta Trucks, which also operates in the UK, said the funding round was led by hedge fund Luxor Capital, which previously invested in Volta Trucks.
Early seed investor Bygmastare Anders J Ahlstrom Holding AB also participated in the funding round, raising the total of Volta Trucks to approximately €300 million.
Prototypes of the Volta Zero, a 16-tonne fully electric truck, will be delivered to customers in mid-2022, with series production due to begin in late 2022.
Startups and traditional automakers are racing to bring electric models to market as they ban fossil fuel vehicles in China and Europe.
Essa Al-Saleh, chief executive of Volta Trucks, said in a statement, “The latest funding gives us the financial runway to be able to meet all of our goals as we grow from a start-up to a manufacturer of full-electric trucks. make an infection.”
The company said its order book now exceeds 5,000 vehicles valued at 1.2 billion euros.
The funding will also fund the development of 7.5-ton and 12-ton electric trucks.
Volta Trucks plans to build 5,000 trucks at its plant in Steyr, Austria, by 2023, and annual production should increase to 27,000 by 2025.
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