Friday, May 20, 2022

Swedish EV Startup Volta Trucks raises 37 million euros in Series B

Swedish electric truck start-up Volta Trucks has raised 37 million euros in its Series B funding round.

According to the Company Pre-orders for the Volta Zero now exceed 2,500 vehicles with an order value of more than 600 million euros. Demand seems to be high as Orders have doubled in the last three months. Just a few days ago we announced that Volta Trucks begins real life testing of its Volta Zero Trucks.

The exact Price for the Volta Trucks is not known yet but they are expected to be in the $250,000 range.

According to Volta Trucks, the most important investor in the Series B financing was the existing investor Luxor Capital. Another strategic partner such as the battery supplier Proterra also participated in the financing round. This is Proterra’s first financial investment in Volta.

Furthermore, the original seed investor Byggmästare Anders J Ahlström from Stockholm has increased its investment in Volta Trucks. The real estate group also participated in the Series A round.

Volta Zero Truck Concept

Volta says it will use the money to accelerate the development of its pilot fleets. These vehicles are expected to be used by pilot customers from mid-2022 onwards. “The successful completion of our Series B funding round gives us positive external validation of our journey,” said Essa Al-Saleh, chief executive officer of Volta Trucks.

We recently reported that EV Startup Volta Trucks signs Production Contract with Steyr Automotive. Steyr will build the vehicles for the pilot fleets in London and Paris before series production is scheduled to start at the end of 2022.

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Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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