Sweden-based Volta Trucks, an automotive company offering electric trucks for sustainable cities, announced on Tuesday that it has filed for bankruptcy after failing to secure a battery supplier and additional capital.
The announcement comes ten months after raising €60M in a Series C extension round.
Proterra, the battery supplier for Volta Trucks, filed for Chapter 11 bankruptcy, which resulted in a reduction of forecasted vehicle production volumes.
This uncertainty with its battery supplier negatively affected the Swedish company’s ability to raise sufficient capital in a challenging environment for EV players.
The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England with insolvency practitioners from Alvarez & Marsal anticipated to take office.
Other Group entities will shortly file for insolvency proceedings in the relevant jurisdictions.
“The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners. We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle,” says the company in a statement.
Volta Truck: What you need to know
Founded in 2019 by Carl-Magnus Norden and Kjell Walöen, and currently led by CEO Essa Al-Saleh, Volta Trucks is a full-electric commercial vehicle manufacturer and services company.
It has offices in Sweden, France, and the UK, and is partnering with several global supply chain leaders for the development and production of its vehicle Volta Zero.
The company already has thousands of pre-orders for the full-electric Volta Zero.
The Volta Zero is a purpose-built full-electric 16-tonne vehicle designed for inner-city logistics, thereby reducing the environmental impact of freight deliveries in city centres.
The truck offers an operating range of 150-200 Kms (95–125 miles) and, as per company claims, will eliminate an estimated 1.9M tonnes of CO2 by 2026.