Volta Trucks, a fully-electric commercial vehicle manufacturer and services provider, has raised $260m in Series C funding.
The funding round was led by New York-based Luxor Capital, while initial seed investor, Byggmästare Anders J Ahlström of Stockholm, added to its holding in the company as well as bringing further direct and indirect co-investors to the cap table. B-FLEXION, formerly Waypoint Capital also joined the round alongside previous Series B investor Agility.
Volta Trucks offers a truck-as-a-service solution which it said revolutionises ownership, financing and servicing of commercial vehicle fleets. For a monthly fee, customers have access to the fully-electric Volta Zero vehicle, its charging infrastructure and its servicing, maintenance, insurance and training requirements.
This latest capital raise will fund all the company’s engineering and business operations as it rolls out a new 16-tonne fully electric Volta Zeo truck at the end of 2022.
Essa Al-Saleh, CEO of Volta Trucks, said, “As an innovator and disruptor in commercial vehicles, we are working at industry-leading pace and have significant ambitions. Today’s closing of the Series C funding round, bringing €230 million into the company, gives us the financial runway to be able to deliver on all our goals as we transition from a start-up to a manufacturer of full-electric trucks.
“The confirmation of our orderbook of over 5,000 vehicles with an orderbook value exceeding €1.2 billion, gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers.”
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