Volta Trucks is preparing for a sustainable comeback in Europe in 2024, having emerged from administration on 1 December 2023, 48 days after filing for bankruptcy.
Since then, the new owner, Luxor Capital, has worked with a team to recapitalise Volta Trucks and develop a simplified business plan.
The new company, Volta Commercial Vehicles, is registered in the UK and re-launch activities are now underway with a team of around 150 employees that will set out to bring vehicles back on the streets of European cities. 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 Regulation) standards, effective in July. Customer trials in live operations have started in UK, with a larger fleet of vehicles available in the second quarter to also cover Germany, France, Nordics, and Austria. Joint planning with Steyr Automotive in Austria targets resuming series production later this year.
“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. 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.” Said Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles.
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.
“During the last couple of months, we have analysed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability. 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,” said Essa Al-Saleh.
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 most green Olympics ever, this is a perfect opportunity for our logistics and consumer-brand customers to showcase the future of urban logistics,” concluded Essa Al-Saleh.