Volta Trucks to roll out first electric vehicle later this year as order books value hits $260m

Volta Trucks said it hopes to roll out its first electric vehicle later this year after the value of its order books hit $260m.

The manufacturer also confirmed that a “significant number of additional vehicle orders are expected to be announced in the coming weeks”, after a successful commercial period of customer acquisition.

The first Volta Zero trucks are expected to be operating with customers in late 2021 following a round of funding in which $20m was secured from New York-based Luxor Capital Group.

The company now plans to scale and grow the business by expanding its team of engineers and commercial experts.

Sharp McGivaren of Luxor Capital, who will now sit on the Volta board, 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,” said McGivaren.

Rob Fowler, chief executive of Volta Trucks, added: “This latest successful funding round for Volta Trucks is a milestone for the company and its development. We are a young and scaling company, and this investment gives us the ability to grow our teams of engineering and commercial specialists as we look ahead to the production of the first Volta Zero vehicles in 2021.”