LONDON: Volta Trucks mentioned on Friday (Feb 18) that it had raised 230 million euros (US$260 million) in Series C funding spherical, which can finance it by way of the launch of collection manufacturing of its Volta Zero electric truck in late 2022.
Stockholm-based Volta Trucks, which additionally operates within the UK, mentioned that the funding spherical was led by hedge fund Luxor Capital, which had beforehand invested in Volta Trucks.
Initial seed investor Byggmastare Anders J Ahlstrom Holding AB additionally participated within the funding spherical, which brings the overall Volta Trucks has raised to round 300 million euros.
Protoypes of the Volta Zero, a 16-tonne fully-electric truck, will probably be delivered to clients in mid-2022, with collection manufacturing due to begin in late 2022.
Startups and conventional automakers are speeding to carry electric fashions to market as they face looming bans on fossil-fuel autos in China and Europe.
The newest funding “gives us the financial runway to be able to deliver on all our goals as we transition from a start-up to a manufacturer of full-electric trucks,” Volta Trucks chief government Essa Al-Saleh mentioned in a press release.
The firm mentioned its order e book now exceeds 5,000 autos with a price of 1.2 billion euros.
The funding will even fund the event of seven.5-tonne and 12-tonne electric vans.
Volta Trucks plans to make 5,000 vans at its plant in Steyr, Austria, in 2023, and annual manufacturing ought to rise to 27,000 by 2025.