Electric truck maker Volta Trucks is set for a sustainable comeback in select European markets this year, with the new owners unveiling a new simplified business model which focuses on speed to market, capital efficiency and profitability.
The firm, which will now operate under the name Volta Commercial Vehicles Ltd and is registered in the UK, noted that customer trials of its vehicles are now underway and “in high demand.”
The company’s next objective is to begin deliveries by year-end to its waiting customers in Germany, followed by France, UK and Scandinavia.
2023 bankruptcy
Volta Trucks filed for bankruptcy in October last year after battery supply issues hit production and negatively impacted the start-up’s ability to raise capital. In December, however, Luxor Capital Group, a long-time financial backer, bought the business for an undisclosed sum.
Since then, Luxor has worked with an experienced and dedicated team to recapitalize Volta Trucks and develop a simplified and capital efficient business plan.
The relaunch
Re-launch activities for the new company are now underway with a team of around 150 employees. Vehicle development for series production of the 16t and 18t versions of the Volta Zero is ongoing and timed to meet the GSR-2 (General Safety Requirement) standards, effective in July.
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. Joint planning with Steyr Automotive in Austria targets resuming series production later this year.
“We have started our user experience trials in the UK and will have a fleet of 15+ Volta Zeros operating in the UK, Germany, and France by May,” said Essa Al-Saleh, CEO of Volta Trucks Commercial Vehicles. “These vehicles will be available to customers for in-field use and are an important step to driving the adoption of electric commercial vehicles.”
Volta is also working on confirming orders with existing customers, including DPD UK, DB Schenker, and Clipper Logistics (now part of GXO), as well as reassembling its supply chain, and completing crucial fundraising.
“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,” Al-Saleh added.
Service network
The new Volta will provide an innovative “chassis-cab” product, supported by a tailored maintenance and service offering and partnerships with certified body builders.
“Our previously engaged Certified Service Partners remain enthusiastic,” said Al-Saleh. “Volta has finalised or is in advanced discussions for the support of more than 100 workshops in Germany, UK, France, Sweden, and Norway. Additionally, discussions are underway for a broader EU workshop network across 14 additional countries,” he added.
Funding plans
In terms of funding, 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 towards the middle of the year. This funding will bring Volta Trucks through the phase of implementing series production and delivering vehicles.
“Beyond the Seed Round financing provided by Luxor Capital to restart the business, we are now engaging investors on our full funding plan. This includes an immediate round of financing and a Series A offering in mid-year 2024,” explained Al-Saleh.
The Paris Olympics
Volta is also looking forward to partnering with customers to have the Volta Zero on the road during this summer’s Paris Olympics.
“With the City of Paris aiming to create the greenest Olympics ever, this is a perfect opportunity for our logistics and consumer-brand customers to showcase the future of urban logistics,” concluded Al-Saleh.
