Volta Trucks, a manufacturer and service provider of fully electric commercial vehicles, has further secured €60 million in a funding round. The previous $260 million is increased by the Series C investment round extension beginning in February 2022.
All current investors backed the financing round. With this, the company has already raised more than €360 million in investments.
The Series C Extension attests to the business’s ongoing development. It’s expedited engineering, testing, and certification work keeps moving forward in advance of the beginning of customer vehicle production in Q1 2023. For the fully electric Volta Zero, the company has thousands of pre-orders as of right now.
The chairman of the board of directors of Volta Trucks, Douglas Snyder, confirmed the additional investment and stated, “At Volta Trucks, we have a highly loyal, engaged, and forward-looking cap table of investors backing our path. Volta Trucks is doing something that has never been done before, thus this requires a lot of investor faith in the company’s mission, strategy, business case, and ongoing outputs. Our journey has been further positively validated by the extension of our Series C funding round, and our pre-order book shows that our customers are confident we are creating a product that the market wants.
Siemens and Volta Trucks have also partnered in addition to the investment. The strategic alliance aims to combine Siemens’ extensive global experience in electric vehicle support systems with Volta Trucks’ distinctive approach to commercial vehicle fleet electrification and operational competence through its Truck as a Service offer. This covers building equipment, energy management, software control systems, facility electrification, charging infrastructure, and project financing.
To support Volta Trucks’ customers, the partnership will provide infrastructure for complete electrification that is in line with their operational requirements.
Volta Trucks is a full-electric commercial vehicle manufacturer and services business with its headquarters in Stockholm, Sweden. Volta Trucks was established in 2019 by Carl-Magnus Norden and Kjell Walöen, and its CEO is currently Essa Al-Saleh.
The Volta Zero Design Verification prototype has successfully through the first customer-driving evaluations in the company’s European launch markets, according to Volta Trucks. The Volta Zero is the first 16-ton, all-electric, purpose-built vehicle in the world that is intended for urban logistics, minimizing the environmental impact of freight delivery in metropolitan areas. The Volta Zero, a vehicle built from the ground up with a 150–200 km (95–125 mi) operating pure-electric range, is expected to reduce 1.9 million tonnes of CO2 by 2026.
Since Volta Zero was built for electricity, it has enabled a significant improvement in the safety of cars, drivers, and pedestrians. The operator of a Volta Zero sits in a central driving position with a significantly lower seat height than a typical truck because the internal combustion engine has been removed.
The cab is designed in the style of a glass house, giving the driver a wide 220 degrees of visibility and reducing hazardous blind spots. Additionally, Volta Trucks will unveil its ground-breaking Truck as a Service offering, which will transform the financing and maintenance of fleets of commercial vehicles.
Image Credit: Volta Trucks
