Volta prepares for comeback under new ownership

The electric truck manufacturer said new owner Luxor Capital had “recapitalised” the company and developed a simplified business plan.

A new company, Volta Trucks Commercial Vehicles, has been registered in the UK and it said relaunch activities were now underway with a team of 150 staff.

Vehicle development for series production of the 16-tonne and 18-tonne versions of the Volta Zero is ongoing and timed to meet general safety regulation standards that become effective in July.

Volta added that customer trials of vehicles had commenced in the UK and a larger fleet of trucks will become available in Q2 to cover Germany, France, Nordics and Austria.

“We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial fundraising round, and ensure series vehicles are ready for delivery,” said Essa Al-Saleh, chief executive of Volta Trucks Commercial Vehicles.

“Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever.”

Al-Saleh added: “During the last couple of months, we have analyzed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability.

“The new Volta Trucks will provide an innovative chassis-cab product, supported by a tailored maintenance and service offering and partnerships with certified body builders.

“We believe this will best support our customers’ immediate needs and facilitate the electrification transition.”

Volta Trucks filed for bankruptcy and appointed administrators in October 2023, citing the collapse of its battery supplier Proterra as having a “significant impact” on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce and hampering its ability to raise capital.