Volta Trucks announced closing a €230 million Series C funding backed by Luxor Capital

Volta Trucks, a Stockholm (Sigtuna), Sweden-based manufacturer of electric trucks, announced the completion of series C equity funding round closed at €230 million ($262 million).

The money was raised from existing investors, namely the American hedge fund Luxor Capital, which led the round, and Byggmästare Anders J Ahlström of Stockholm.

Proceeds will be used to finance the company through the launch of series production of its Volta Zero electric truck in late 2022.

Volta Trucks, founded in 2019 by Carl-Magnus Norden and Kjell Walöen and led by CEO Essa Al-Saleh, manufactures Volta Zero, a purpose-built full-electric 16-tonne vehicle designed for inner-city freight deliveries, reducing the environmental impact of freight deliveries in city centres. The company is building a production facility in Austria, and expects the start of full-scale production by the end of 2022, with protoypes to be delivered to customers in mid-2022 and with Volta Zero models sales estimated at 5,000 vehicles in 2023; 14,000 trucks in 2024; and up to 27,000 trucks in 2025. The compahy says its order book now exceeds 5,000 vehicles with a value of 1.2 billion euros.

Volta previously secured series B at $44 million in 2021, raised $20 million in a financing round led by Luxor Capital Group in 2020 and $5 million in an initial funding round from Byggmästare A J Ahlström in 2019.