Volta Trucks one of the new breed of “disruptors” entering the battery electric truck market have announced the conclusion of its recent funding round, bringing new investment, shareholders, and a new Board member into the company.
Now with an order book in excess of $260m, leading the $20 million convertible debt funding raise was New York-based investment firm, Luxor Capital, which manages more than $6 billion in assets, and has made investments into many automotive and alternative energy companies including Hyliion, Nikola, and Lordstown Motors. Volta Trucks will see a new board member in the shape of Sharp McGivaren to its Board of Directors. Luxor Capital joins previous lead investor, Byggmästare Anders J Ahlström of Stockholm, and a number of supporting shareholders.
The successful conclusion of this funding round gives the company the space to scale and grow, expanding its team of world-class engineers and commercial experts, as the company pushes forwards with vehicle development, its industrialisation plans, and the expansion of its commercial operations.
The order book for the Volta Zero, the world’s first purpose-built full electric large commercial vehicle, now stands at over $260 million. This follows a successful commercial period of customer acquisition for the company, with a significant number of additional vehicle orders expected to be announced in the coming weeks. The first Volta Zero vehicles are expected to be operating with customers in late 2021.
Confirming the investment, Sharp McGivaren of Luxor Capital, said; “Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”
Essa Al-Saleh, Chairman of the Board of Directors of Volta Trucks, continued; “I am excited to welcome Sharp McGivaren to the Board of Directors. His mix of electric vehicle industry knowledge and public markets insights will serve the Company well as we look toward the next stages of our journey. Luxor Capital’s investment serves as a confirmation of Volta Trucks’ value proposition for its customers as we transition toward a zero-emission future.”
Rob Fowler, Chief Executive Officer of Volta Trucks, concluded; “This latest successful funding round for Volta Trucks is a milestone for the company and its development. We are a young and scaling company, and this investment gives us the ability to grow our teams of engineering and commercial specialists as we look ahead to the production of the first Volta Zero vehicles in 2021.”