Sweden’s Volta Trucks bags £14.6M, London’s Drink Cubed becomes first customer of Tesla of trucks
Volta Trucks, which we can call as ‘Tesla of trucks’ is an automotive company offering electric trucks with ‘truck-as-a-service’ rental model. Now, the Swedish company has secured $20 million (approx £14.6 million) funding led by New York-based Luxor Capital Group, LP. With this round, Luxor Capital joins previous lead investor, Byggmästare Anders J Ahlström of Stockholm, and several supporting shareholders.
The funding will be used to scale and grow, expand its team of engineers and commercial experts, as the company pushes forwards with vehicle development, its industrialisation plans, and the expansion of its commercial operations. Also, the company has appointed Sharp McGivaren to its Board of Directors.
Full-electric large commercial vehicle
Founded by Carl-Magnus Norden, and Kjell Walöen in 2019, Volta Trucks has built a purpose-built full-electric large commercial vehicle – Volta Zero, for inner-city freight and urban distribution.
As per the company’s claims, the order book for the Volta Zero, the world’s first purpose-built full-electric large commercial vehicle, now stands at over $260 million (approx £190 million).
The Volta Zero is the world’s first purpose-built full-electric 16-tonne vehicle designed for inner-city freight deliveries, reducing the environmental impact of freight deliveries in city centres.
Designed from the ground up with an operating pure-electric range of 150 – 200 km (95 – 125 miles), the Volta Zero will eliminate an estimated 180,000 tonnes of CO 2 by 2025.
Volta Trucks’ first customer is Drinks Cubed, a London-based food, and beverage company.
Co-founder of Drinks Cubed, Sukhi Sindhu explains: “When we set up Drinks Cubed, we wanted to do things right from the get-go. We are incredibly passionate about the challenges humanity faces today, but as the team at Volta Trucks, we weren’t content with just discussing the problems — we wanted to find the solutions. So, as well as looking at our carbon footprint when it came to our packaging, we also needed to address our distribution too. That is where the Volta Zero will play its part. Volta Trucks has taken a holistic approach to sustainability, looking further than just tailpipe emissions and into sustainable methods of manufacturing and components. With Volta Trucks, we have found a brand with shared sustainability values.”
The prototype Volta Zero was launched in September 2020, with the first vehicles expected to be operating with customers in late 2021.
Volta Trucks has offices in Sweden, France and the UK and is partnering with a number of global leaders in the supply chain for the development and production of the Volta Zero.
Confirming the investment, Sharp McGivaren of Luxor Capital, said; “Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”
Essa Al-Saleh, Chairman of the Board of Directors of Volta Trucks, continued: “I am excited to welcome Sharp McGivaren to the Board of Directors. His mix of electric vehicle industry knowledge and public market insights will serve the Company well as we look toward the next stages of our journey. Luxor Capital’s investment serves as a confirmation of Volta Trucks’ value proposition for its customers as we transition toward a zero-emission future.”
Rob Fowler, Chief Executive Officer of Volta Trucks, concluded: “This latest successful funding round for Volta Trucks is a milestone for the company and its development. We are a young and scaling company, and this investment gives us the ability to grow our teams of engineering and commercial specialists as we look ahead to the production of the first Volta Zero vehicles in 2021.”