Volta Trucks announced a successful financing round $ 20 million of new investments, led by New York-based Luxor Capital Group, LP.
The amount probably isn’t that big, but we suspect this marks a significant milestone for the electric vehicle startup that intends to launch a model specifically designed for electric vehicles: the Volta Zero.
Our attention was caught by another number – the order book is sufficient $ 260 millionwhich indicates a great interest in the Volta Zero. We don’t know the details of these agreements, of course, but it seems that there is potential.
“The backlog for the Volta Zero, the world’s first purpose-built all-electric large commercial vehicle, now exceeds $ 260 million. This follows a successful commercial phase of customer acquisition for the company with a significant number of additional vehicle orders expected will be announced in the coming weeks. The first Volta Zero vehicles are expected to be used by customers at the end of 2021. “
The largest potential order came in December 2020 from the Petit Forestier Group in France, which aims to acquire 1,000 refrigerated Volta Zeros in a large multi-year order.
We assume that series production could start around 2022. This year Volta Trucks will start the pioneering program in which a small number of vehicles will be demonstrated through pilot tests.
“The successful completion of this financing round will give the company room to scale and grow and add to its team of world-class engineers and commercial experts as the company advances vehicle development, industrialization plans and business expansion.”
The Volta Zero will be equipped with a 160-200 kWh battery (LFP chemistry) for a range of up to 150-200 km. The maximum payload is 8.6 tons, while the cargo space is 37.3 m3 (16 Euro pallets).