Volta Trucks has announced the arrival of its Volta Zero in Spain, following the conclusion of a successful Series C funding round of €230 million.
As part of its European roadshow, Volta Trucks will be in Madrid on the 5th to 6th April, presenting the Volta Zero at the Circuito del Jarma, home to the Spanish Grand Prix between 1968 and 1981.
With the objective to decarbonise last mile logistics, the Swedish start-up has launched the world’s first purpose-built, full-electric 16-tonne Volta Zero in Spain, which has been designed for city-centre distribution, reducing the environmental impact of freight transport in urban centres.
Following the start of production this year, the vehicles will be in circulation throughout Madrid in 2023, a city that exceeded the EU’s air quality standard in 2021. Volta Trucks plans to produce 5,000 vehicles throughout Europe in 2023, increasing to 14,000 in 2024, 27,000 in 2025. The 16-tonne vehicle is the first of the four variants which range between 7.5- and 18-tonnes.
This announcement follows the conclusion of a successful Series C funding round which saw a total investment of €230 million into the company. Existing New York-based investor, Luxor Capital Group, LP, led this funding round, while Stockholm-based initial seed investor and co-lead, Byggmästare Anders J Ahlström, extended its holding.
The latest funding round will fund engineering and business operations until after the start of production in late 2022. This includes the completion of a fleet of Design Verification prototypes for engineering development and testing, as well as a fleet of Product Verification vehicles that will be evaluated by customers in London and Paris in mid-2022.
It will also fund the continued development of the recently confirmed 7.5- and 12-tonne full-electric Volta Zero derivatives, as well as prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
Essa Al-Saleh, CEO of Volta Trucks, said: “We are a revolutionary and innovative player in the field of commercial vehicles, and we are pleased that the successful and oversubscribed conclusion of our Series C funding round demonstrates the confidenceplaced by new and existing investors in the strategy and track record of Volta Trucks.
“They are top-level investors who share our vision and trust in the scalability of our business model, the future of electric commercial vehicles and the new value proposition in the commitment to a greener, safer and more sustainable city.”