The electric truck manufacturer is back on the European market. After filing for bankruptcy last October, the company was taken over on December 1 by Luxor Capital, a long-standing financial partner and new owner. The new company, Volta Commercial Vehicles Ltd, based in the UK, is relaunching its activities with a team of around 150 employees. Development of the Volta Zero's 16t and 18t models is currently underway, with a view to resuming series production during 2024, in collaboration with Steyr Automotive in Austria.
Customer trials under real conditions have begun in the UK, and a larger fleet will be available during the second quarter for trials in Germany, France, Scandinavia and Austria.
Luxor Capital is financially supporting this plan with a convertible financing round over the next month, followed by a larger Series A round open to investors in the middle of the year. This financial support will ensure Volta Trucks' transition to series production and vehicle delivery. The company has revised its business plan to be more efficient, and is aiming for a faster time-to-market. "The new Volta Trucks will thus offer an innovative cab chassis, complemented by customized maintenance services and partnerships with certified bodybuilders. We believe this will best support the immediate needs of our customers and facilitate the transition to electrification," explains Essa Al Saleh, CEO of Volta Commercial Vehicles.
Volta Trucks will be operating the Volta Zero in Paris during the Summer Olympics, in collaboration with its French customers. "Paris is aiming to host the most environmentally-friendly Olympic Games to date. This is a golden opportunity for our customers, both in the logistics sector and those with their own brands, to showcase the future of urban logistics," he concludes.
