Volta Trucks, the makers of Volta Zero, an all-electric, 16-tonne vehicle designed for city-centre freight deliveries, has filed for bankruptcy following a failure to secure additional capital.
The demise of Volta Trucks affects over 800 employees, close to 600 of which are based in the UK.
The company cites the collapse of California-based electric bus maker and more specifically the batteries they were to supply to Volta Trucks, Proterra, in early August of this year as a significant factor in its decision to file for bankruptcy.
As a result, Volta Trucks says that production forecasting numbers were reduced, and without a secured battery supplier, the company was unable to attract investors.
Volta Trucks had a total pipeline value of €4.2 billion, with a pre-order bank of €1.5 billion, and had received interest from numerous customers including a pre-order from logistics and supply chain provider DB Schenker of 1,470 of its vehicles.
The company had been running pilot programmes in five countries across Europe, including the UK. Whether or not to swoop in and snap up Volta Truck's assets and employees must certainly be the topic of the day for EV truck competitor Einride, particularly given that they're making a big push into the UK as of earlier this year.
Founded in mid-2019, Volta Trucks raised approximately €370 million via investors including Luxor Capital Group, historic backers of Glovo, Delivery Hero, and Spain’s EV charging provider Wallbox.
Lead image: Volta Zero. Photo: Stanley Chen Xi