Electric cars and bikes may be the loudest these days, but electric trucks aren’t far behind. With many OEMs working on the electrification and redesign of delivery and distribution trucks, the segment is about to be crowded soon. In a recent development, Volta Trucks, an automotive company offering electric trucks for sustainable cities, announced that it had raised 37 million euros in its Series B funding round.
Speaking on the development, Essa Al-Saleh, CEO of Volta Trucks, said, “The successful conclusion of our Series B funding round gives us positive external validation of our journey. Attracting multiple investors for the first time, as well as increasing investments from existing partners totaling 37 million euros, is a strong endorsement of the path we are taking. “
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The round was led by New York-based hedge fund Luxor Capital, a company that manages more than $ 8 billion in assets and has invested in numerous auto and alternative energy companies.
The cycle also saw the participation of existing Stockholm-based investor Byggmästare Anders J Ahlström. Strategic partners and investors for the first time Proterra and Agility are also joining the investment movement.
Proterra has been selected as the battery supplier for Volta Zero, Volta’s first 16-ton fully electric vehicle.
Agility is a provider of supply chain, innovation and investment services. Agility’s investment is part of its broader strategy of investing in the sustainability and resilience of the supply chain. It focuses on partnerships with companies that develop cleaner utility vehicles, alternatives to public transport, freight markets and digital load-matching platforms – all aimed at reducing CO2 emissions, congestion and fuel consumption.
Funds to accelerate expansion
The raised capital will allow Volta Trucks to further expand the development of Pilot Fleet vehicles which will be evaluated by customers in London and Paris in mid-2022 – before full-scale production begins by the end of 2022 .
The funds will also help facilitate the company’s Road-to-Zero Emissions strategy which plans to see four Volta Zero models developed and offered in European and US markets, with more than 27,000 vehicles expected to be sold by 2025. .
Electric trucks for sustainable cities
Founded in 2019 by Carl-Magnus Norden and Kjell Walöen, Volta Trucks is a fully electric utility vehicle manufacturer and service company. It has offices in Sweden, France and the UK, and partners with a number of global supply chain leaders in the development and production of its Volta Zero vehicle.
About the Volta Zero
The Volta Zero is a 16-tonne all-electric vehicle specially designed for inner-city logistics, as well as reducing the environmental impact of freight deliveries in inner-city areas. The truck offers a range of 150 to 200 km (95 to 125 miles) and claims to eliminate around 1.2 million tonnes of CO2 by 2025.
The Volta Zero is designed so that the truck operator can sit in a central driving position with a much lower seat height than a conventional truck. This design, paired with a glass house-style cab design, provides the operator with 220-degree wide visibility, minimizing dangerous blind spots.
After recently signing a manufacturing agreement with Steyr Automotive, Volta Trucks also confirmed positive updates to its order book. Volta Zero’s pre-orders have surpassed 2,500 vehicles for an order value of over 600 million euros, double in the last three months.
Essa Al-Saleh said: “Being able to simultaneously announce that we now have over 2,500 pre-orders for the fully electric Volta Zero, shows that customers also understand and share our mission to revolutionize and decarbonize center logistics. -City, and bring fully -Electric utility vehicles to market as soon as possible.
Truck rental as a service model
Today, many fleet owners do not hesitate to change their trucks for fear of technological change. Volta has therefore developed a risk-reducing “Truck-as-a-Service” rental model for fleet owners, in which the startup retains ownership and provides a full unit.
This includes a truck, box elevator, electrical audit, infrastructure installation, electrical supply, insurance, tax, vehicle tires, and staff training. In addition, the company also offers full financing with monthly billing options, which makes it easy to change technology.
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