Volta Trucks secured $20 million in a financing round led by Luxor Capital Group

Volta Trucks, a Stockholm (Sigtuna), Sweden-based manufacturer of electric trucks, announced that it enetered into a $20 million financing agreement.

The money represents convertible debt and was raised from the New York-based hedge fund Luxor Capital Group, joined by previous lead investor, Byggmästaren Anders J Ahlström of Stockholm, and other un-named shareholders.

Sharp McGivaren of Luxor Capital will become a Board Member of Volta Trucks.

The proceeds will be used to scale and grow, expand its team of engineers and commercial experts, as the company pushes forwards with vehicle development, its industrialisation plans, and the expansion of its commercial operations.

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 that the order book for the Volta Zero now stands at over $260 million. The prototype Volta Zero was launched in September 2020, with the first vehicles expected to be operating with customers in late 2021.