Volta Trucks announces comeback in UK with New ownership
Luxor Capital, a financial backer has taken over the volta truck in 1st of December 2023
Sweden / UK: Volta Trucks AB., a commercial vehicle manufacturer, has announced the comeback in UK with new company Volta Commercial Vehicles Ltd, comprising an experienced and dedicated team to recapitalize Volta Trucks, develop a simplified and capital-efficient business plan.
The New Company, Volta Commercial Vehicles Ltd, based in the London, UK, is relaunching with a team of 150 employees focused on bring electric vehicles back to European cities. They're developing 16t and 18t versions of the Volta Zero to meet the GSR-2 (General Safety Requirement) standards, with trials underway in the UK and expanding to other European countries.
Post bankruptcy and take over, Luxor Capital supporting Volta Trucks with convertible financing now and a Series-A (first stage of investment) round later this year.
In March 2024, Volta Trucks signs manufacturing agreement with Steyr Automotive for series production later this year.
Mr. Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles Ltd. said, “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”.
“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.”
“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,” added Essa Al-Saleh.
