Volta Trucks raises €37M in Series B; Volta Zero pre-orders pass 2,500, with an order value exceeding €600M
Volta Trucks has raised €37 million (US$44 million) in a Series B funding round. Existing investor Luxor Capital Group led the round. Pre-orders for the Volta Zero now exceed 2,500 vehicles, with an order value of more than €600 million (US$706 million), having doubled in the past three months.
The company’s original seed investor and participant in the Series A round, Byggmästare Anders J Ahlström of Stockholm, added to its investment in Volta Trucks. They were also joined by strategic partners and first-time investor, Proterra, which was selected as battery supplier for the Volta Zero.
Agility, a leading provider of supply chain services, innovation and investment, also became a first-time investor in Volta Trucks. Agility’s Volta investment is part of its broader strategy of investing in supply chain sustainability and resilience.
In the short term, the positive outcome of the funding round will provide Volta Trucks with the means to accelerate its expansion with the development of Pilot Fleet vehicles that will be evaluated by customers in London and Paris in mid-2022, in advance of the start of full-scale production by the end of 2022.
It will also help facilitate the company’s Road-to-Zero Emissions strategy that sees four Volta Zero models developed and offered in European and US markets, with more than 27,000 vehicles expected to be sold by 2025.
UBS, Fearnley and Finadvice acted as financial advisors to Volta Trucks.