Volta Trucks announced the conclusion of a successful Series C funding round of €230 million. 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 will also fund the continued development of the recently confirmed 7.5- and 12-tonne full-electric Volta Zero derivatives, as well as prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.

As part of its European roadshow, Volta Trucks will be in Madrid on the 5th to 6th April, presenting the 16-tonne Volta Zero at the Circuito del Jarma, home to the Spanish Grand Prix between 1968 and 1981.

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-tonne vehicle is the first of the four variants which range between 7.5- and 18-tonnes.

The Volta Zero vehicle has a range of up to 200 km, with a top speed of 90 km/h and a payload capacity of up to 8,000 kg. Volta Trucks looks to eliminate around 1.2 million tonnes of CO₂ emissions by 2025. The Volta Zero has 90% fewer mechanical parts than an equivalent internal combustion engine vehicle, meaning maintenance requirements are much lower.

In addition, the company proposes a Truck-as-a-Service (TaaS) solution for the electrification of vehicle fleets of all sizes, maximizing their uptime and operating efficiency. It is designed to enable commercial fleet operators to simplify, manage and de-risk the migration to electrification.

Volta Trucks will launch first in London and Paris by the end of this year. Volta Trucks will then strategically expand into other cities throughout Europe and in North America.

Volta Trucks has already signed commercial agreements in Europe, with pre-orders for more than 5,000 vehicles, with a value of more than €1,200 million. DB Schenker, the leading European road transport company, recently signed an agreement for almost 1,500 full-electric vehicles, as well as Petit Forestier, the largest refrigerated vehicle rental fleet in Europe.