New investment, shareholders, and soon also a new Board member into the company after the successful conclusion of Volta Trucks funding round.
Leading the $20 million convertible debt funding raise was prominent 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, Lordstown Motors, QuantumScape and EverFuel. Volta Trucks will soon also welcome 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.
Source: Volta Trucks