Volta Trucks announced a successful funding round with $20 million of new investment, led by New York-based Luxor Capital Group, LP.
The amount is probably not particularly big, but we guess that it's a significant milestone for the startup electric truck company that intends to launch on the market a purpose-built electric-only model: Volta Zero.
Our attention was caught by another number - the order book reaches $260 million, which indicates a huge interest in the Volta Zero. We of course don't know the details of those agreements, but it seems that there is potential.
"The order book for the Volta Zero, the world’s first purpose-built full electric large commercial vehicle, now stands at over $260 million. This follows a successful commercial period of customer acquisition for the company, with a significant number of additional vehicle orders expected to be announced in the coming weeks. The first Volta Zero vehicles are expected to be operating with customers in late 2021."
The biggest potential order caome in December 2020 from the Petit Forestier Group in France, which would like to purchase 1,000 refrigerated Volta Zeros in a major multi-year deal.
We assume that the series production might start around 2022. This year, Volta Trucks will start the Pioneer Programme in which a small number of vehicles should be demonstrated through pilot trials.
"The successful conclusion of this funding round gives the company the space to scale and grow, expanding its team of world-class engineers and commercial experts, as the company pushes forwards with vehicle development, its industrialisation plans, and the expansion of its commercial operations."
The Volta Zero will be equipped with a 160-200 kWh battery (LFP chemistry) for up to 150-200 km (90-125 mi) of range. The maximum payload is 8.6 tonnes, while the load space is Volume: 37.3 m3 (16 Euro Pallets).