• Volta Trucks, a Sweden-based developer of fully electric trucks, has raised EUR 230 million (USD 260 million) in a Series C funding round led by Luxor Capital with participation from Byggmastare Anders J Ahlstrom Holding AB, among others. This brings the company’s total funding to roughly EUR 300 million (USD 330 million).

<ul><li>The company intends to utilize the funds for series production of its 16-tonne “Volta Zero” trucks in Steyr, Austria in late 2022. It intends to deliver prototype trucks to customers in London and Paris in mid-2022. The company will also use the funds to develop its 12-tonne and 7.5-tonne variants of the truck.</ul>

• Volta Trucks also revealed that it has secured 5,000+ pre-orders for the trucks, translating into EUR 1.2 billion (USD 1.4 billion) in value. The company aims to deliver 5,000 trucks in 2023, with plans to increase manufacturing capacities to produce 14,000 in 2024 and 27,000 by 2025.

<ul><li> Analyst QuickTake: The news comes just five months after Volta Trucks’ EUR 37 million (USD 43.7 million) Series B funding was raised for similar purposes. At the time, the company’s order book stood at 2,500 trucks worth EUR 600+ million (roughly USD 700 million), which has doubled.</ul>