Electric Vehicle Startup Volta Trucks Raises $260 Million in New Series C Round
【Summary】Electric commercial truck startup Volta Trucks said on Friday that it had raised 230 million euros ($260 million) in a Series C funding round led by Luxor Capital, which will finance it through the launch and series production of its Volta Zero electric urban delivery truck. Stockholm-based Volta Trucks said that the funding round was led by New York-based hedge fund Luxor Capital, which led a seperate $43.7 million investment round in Sept 2021.
Electric commercial truck startup Volta Trucks said on Friday that it had raised 230 million euros ($260 million) in Series C funding round, which will finance it through the launch and series production of its Volta Zero electric urban delivery truck.
Stockholm-based Volta Trucks said that the funding round was led by New York City-based hedge fund Luxor Capital, which led a separate $43.7 million investment round in Sept 2021.
The latest funding brings the total Volta Trucks has raised to around 300 million euros ($339 million).
Volta Trucks is targeting the commercial EV market with its Volta Zero electric truck. Prototypes of the Volta Zero will be delivered to customers in mid-2022, while series production is due to start in late 2022 for early 2023 deliveries.
The company said that reservations for the Zero now exceed 5,000 vehicles with a value of 1.2 billion euros. Volta Trucks plans to build 5,000 trucks at its plant in Steyr, Austria, in 2023, and annual production should scale to 27,000 units by 2025.
The latest funding "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," Volta Trucks Chief Executive Essa Al-Saleh said in a statement to Reuters.
The Volta Zero electric truck is designed for urban logistics, reducing the environmental impact of freight deliveries in city centers. The truck was designed from the ground up and offers a range of 95 to 125 miles, which the company says is enough to support daily deliveries in urban areas and city centers.
The Zero truck is uniquely designed with the driver sitting in the middle of the cab instead of on the left or right for a more commanding view of the road. The design is similar to the interior of Tesla's upcoming semi truck. In addition, by removing the internal combustion engine, the operator has a much lower seat height than in a conventional truck, according to Volta.
Volta also adds a "glass house-style cab design" that provides the driver with 220-degrees of visibility that reduces the dangerous blind spots of conventional trucks.
Volta Trucks has partnered with Proterra, a company that makes electric school buses, delivery trucks and shuttles, to develop the Volta Zero. The truck is powered by battery technology designed by Proterra. The standard 150 kWh battery incorporates advanced features such as active thermal management with liquid cooling for optimal charging and maximum battery life even in extreme conditions. Customers can also opt for a 225 kWh battery.
In Sept 2021, Volta Trucks announced that Sibros, a Silicon Valley-based developer of a software-based connected vehicle architecture, will provide the software platform for the Volta Zero.
Sibros works with automakers to help optimize their fleets with its connected vehicle software platform. The technology can create new connected services with full vehicle OTA software updates, including data collection and remote diagnostics in a single ecosystem.
The Volta Zero will use the Sibros OTA Deep Logger to provide real time vehicle and fleet data. Volta will utilize the data insights collected by the Sibros data platform to increase vehicle efficiencies.
The Sibros platform installed in the Volt Zero includes OTA software update capability, remote diagnostics, remote logging and data collection as standard.
The Volta Zero has 90% fewer mechanical parts than an equivalent internal combustion engine vehicle. Therefore Volta Trucks deliver a lower total cost of ownership than equivalent diesel-powered vehicles. It makes the Volta Zero an attractive option for fleet operators to add zero emissions vehicles to their fleets.
In addition to funding the launch of the 16-ton Volta Zero, Volta said the new funds will be used for the development of a 7.5-ton and 12-ton electric truck.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
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