Volta Trucks raised 230 million Euros to finance the company through its series production of the Volta Zero electric truck.
The Stockholm-based company used Luxor Capital to lead the Series C funding round. Luxor previously invested in the company.
In addition, Byggmastare Anders J Ahlstrom Holding AB participated in this round. This means the total available cash for Volta is around 300 million Euros.
Volta expects to start deliveries of their 16-tonne EV truck in mid-2022. While their series production will begin in late 2022, reports Reuters.
Volta Trucks Chief Executive Essa Al-Saleh said the latest 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.”
Currently, Volta has over 5,000 truck orders on the books. These over 5,000 vehicles equate to roughly 1.2 billion Euros in value.
The company has already announced that they will produce the trucks at their plant in Steyr, Austria. In 2023, the company will make 5,000, but by 2025, production will increase to 27,000.