Volta Trucks Secures Investments of 230 Million Euros To Fund Electric Trucks

With the global climate change concern looming, many companies are stepping up to the plate, offering alternative sustainable solutions to the modern way of living. The road freight sector alone accounts for 9% of the global greenhouse gas emissions! Which is crazy to think of and demands a further look into the industry and the possible restructuration. With the shift that is happening in the personal passenger car sector, it is only logical for freight businesses to follow suit.

Volta Trucks is one of these companies. Founded in 2017 the Stockholm-based company promises a future where residents of big cities would not have to inhale diesel fumes of passing trucks every time they go out for a walk.

What once seemed like the distant future might now be just around the corner with Volta Trucks raising 230 million euros in its latest round of funding. The capital will go directly towards financing its new line of Volta Zero electric trucks, which should come out by the end of 2022.

The funding round was conducted by the hedge fund Luxor Capital, who are also shareholders in Volta trucks.

The fundraising round has also secured an investment from the initial seed investor Byggmastare Anders J Ahlstrom Holding AB, bringing Volta Trucks’ total in newly raised capital to roughly 300 million euros.

Truck prototypes will be delivered to customers in mid-2022, with series productions starting by the end of 2022.

Many EV manufacturers are scrambling to bring their vehicles to market as governments around the world plan to ban the manufacturing of cars and trucks powered by an internal combustion engine. The European Union plans to ban manufacturing and sale of cars with an internal combustion engine by 2035. With China and many states in the U.S. following suit.

Volta Trucks claim that they already received 5,000 orders for vehicles, with the market value of 1.2 billion dollars. The company is currently offering one product, which is its 16-tonne truck – Volta Zero. They are showing no signs of slowing down with plans to develop and introduce 7.5-tonne and 12-tonne electric trucks in the near future.