The electric truck manufacturer Volta Trucks is preparing for a
sustainable comeback in select European markets under new
ownership.
• The sharpened plan has a simplified and more capital efficient business
model.
• Customer Trials are now underway and in high demand.
• First objective is to begin deliveries by year-end to its waiting customers
in Germany, followed by France, UK and Scandinavia.
Volta Trucks emerged from administration on December 1, 2023, 48 days after filing
for bankruptcy on October 17th. Since then, the new owner, Luxor Capital, has
worked with an experienced and dedicated team to recapitalize Volta Trucks and
develop a simplified and capital efficient business plan.
The new company, Volta Commercial Vehicles Ltd, is registered in the UK and re-
launch activities are now underway with a team of around 150 employees,
passionate 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 Ltd.
Luxor Capital, the new owner and long-term financial backer, 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 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. 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 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 Essa Al-Saleh.
