Volta Trucks, the full-electric commercial vehicle manufacturer, has announced the successful conclusion of its recent funding round, bringing new investment, shareholders, and soon, a new Board member into the company.
New investors joined the Volta Trucks journey, and existing investors increased their funding, providing external validation of the progress towards the company’s goals and future potential.
Leading the $20m convertible debt funding raise was prominent New York-based investment firm, Luxor Capital, which manages more than $6bn in assets, and has made investments into many automotive and alternative energy companies including Hyliion, Nikola, Lordstown Motors, QuantumScape and EverFuel.
Volta Trucks will soon also welcome Sharp McGivaren to its Board of Directors. Luxor Capital joins previous lead investor, Byggmästare Anders J Ahlström of Stockholm, and a number of supporting shareholders.
The successful conclusion of this funding round gives the company the space to scale and grow, expanding its team of engineers and commercial experts.
The order book for the Volta Zero, the world’s first purpose-built full electric large commercial vehicle, now stands at over $260m.
Confirming the investment, Sharp McGivaren of Luxor Capital, said: “Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”
Essa Al-Saleh, Chairman of the Board of Directors of Volta Trucks, continued: “I am excited to welcome Sharp McGivaren to the Board of Directors. His mix of electric vehicle industry knowledge and public markets insights will serve the Company well as we look toward the next stages of our journey. Luxor Capital’s investment serves as a confirmation of Volta Trucks’ value proposition for its customers as we transition toward a zero-emission future.”