Volta Trucks in a €37 million of Series B funding backed by New York-based Luxor Capital Group.

Volta Trucks, a Stockholm (Sigtuna), Sweden-based manufacturer of electric trucks, completed a €37 million ($44M) of Series B funding round.

The money was raised from investors led by the American hedge fund Luxor Capital, and joined by existing shareholders and original seed investor and participant in the Series A round, Byggmästare Anders J Ahlström of Stockholm, as well as by strategic partners such as Proterra and Agility. Proterra is the battery supplier for the Volta Zero and Agility is a provider of supply chain services.

Volta Trucks, founded in 2019 by Carl-Magnus Norden and Kjell Walöen and led by CEO Rob Fowler, 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 says it expects the start of full-scale production by the end of 2022, with Volta Zero models developed and offered in European and US markets, with over 27,000 vehicles expected to be sold by 2025.

Volta has previously 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.