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Volta Trucks raises US$ 43.7 million in latest funding round

LONDON : Electric truck startup Volta Trucks said on Thursday it has raised 37 million euros (US$43.7 million) in its latest funding round led by hedge fund Luxor Capital and including an investment by Volta's battery supplier Proterra.

The latest funding brings Volta's total raised to 60 million euros. Luxor also invested in the previous funding round.

Volta said the funding will be used to develop a test fleet of trucks for customers in Paris and London.

The company aims to launch production of the Volta Zero, a 16-tonne electric truck, by the end of 2022 and says it currently has an order book of 2,500 trucks worth more than 600 million euros.

Volta Trucks said this month that its first trucks will be made under contract starting in late 2022 in Austria by Steyr Automotive, a newly formed company that has taken over a factory that formerly belonged to Volkswagen AG unit MAN.

(Editing by Jason Neely)

Source: Reuters

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