100% electric commercial vehicle manufacturer Volta Trucks, with offices in Sweden, France, and the UK, confirms the successful completion of its latest round of financing. Along with increased funding from current sponsors, new investors arrived who provide external validation of the company’s progress and confirm future potential.
One of the investors that have come up with the $20 million convertible debt fund surge is New York-based investment firm Luxor Capital, which manages more than $6 billion in assets and has made investments in many automotive and alternative energy companies, including Hyliion, Nikola, Lordstown Motors, QuantumScape, and EverFuel.
As a result of these investments, Volta Trucks will add Sharp McGivaren to its Board of Directors. Luxor Capital joins the previous lead investor, Byggmästare Anders J Ahlström from Stockholm, and several supporting shareholders.
This round of funding enables the company to scale and grow, expanding its engineers and business experts’ team as the company progresses with vehicle development, industrialization plans, and expansion of its business operations.
According to the company, the order book for the Volta Zero, “the world’s first purpose-built fully electric large commercial vehicle,” stands at more than $260 million.
For the brand, this represents “a successful business period for the company in terms of customer acquisitions,” with a significant number of additional vehicle orders to be announced in the coming weeks. The first Volta Zero vehicles could be delivered to customers by the end of 2021.