Following its bankruptcy filing in October 2023, Volta Trucks is emerging from administration under new owner Luxor Capital and plans to develop a simplified and capital-efficient business plan for 2024.
The new company, Volta Commercial Vehicles Ltd, is registered in the UK, and European re-launch activities are now underway with a team of around 150 employees.
The company is developing 16 metric ton and 18 metric ton versions of the Volta Zero in line with GSR-2 (General Safety Regulation) standards. Customer trials in live operations have started in the UK, with a larger fleet of vehicles available in the second quarter to also cover Germany, France, the Nordics and Austria. Series production is planned later this year in partnership with Steyr Automotive in Austria
“We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial fundraising round and ensure series vehicles are ready for delivery,” said Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles Ltd. “Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever.”
Funding plan
Luxor Capital is supporting a funding plan that includes a round of convertible financing over the next month, and a larger Series-A round for investors toward the middle of the year. This funding will bring Volta Trucks through the phase of implementing series production and delivering vehicles.
“During the last couple of months, we have analyzed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability,” Al-Saleh added. “The new Volta Trucks will provide an innovative ‘chassis-cab’ product, supported by a tailored maintenance and service offering and partnerships with certified body builders. We believe this will best support our customers’ immediate needs and facilitate the electrification transition.”
Volta is also partnering with customers to have the distinctive Volta Zero on the road during this summer’s Paris Olympics. “With the city of Paris aiming to create the most green Olympics ever, this is a perfect opportunity for our logistics and consumer-brand customers to showcase the future of urban logistics,” concluded Al-Saleh.