Volta Trucks is closing a Series C extension as it prepares to begin production and customer deliveries in early 2023. The company is raising an approximate €60 million extension to the C round; interest from potential customers, partners and investors is described as strong ahead of product start. In spring the company received a larger financing of about €240 million. The C-extension values Volta Trucks at a €525 million pre-money valuation, roughly 20% higher than the post-money valuation after the spring round. Existing owners are participating in the extension; one investor who joined in the spring has more than doubled its investment and will take a large portion of the extension. Byggmästare Anders J Ahlström Holding AB is committing about €6.5 million to the extension. The company disclosed the information on 21 October 2022. Volta Trucks develops the Volta Zero, a purpose-built all-electric commercial freight vehicle designed for urban distribution with enhanced visibility and lower emissions. The first model is a 16-tonne truck with a 150–200 km electric range and 220-degree visibility from a centrally seated driver. Volta plans 7.5- and 12-tonne derivatives and an eventual 18-tonne model. Its go-to-market includes both truck sales and a trucking-as-a-service offering, and it has a confirmed pre-order book exceeding €1.2 billion for more than 5,000 vehicles. The company is investing the new funding into engineering, prototype verification, production operations and pilots in London and Paris. Production is planned at a facility in Austria with targets of 5,000 vehicles in 2023, 14,000 in 2024 and up to 27,000 in 2025. The Series C values the company at just over $490 million and the company has raised over $325 million to date. Volta Trucks develops electric trucks aimed at city and last-mile logistics, positioning its vehicles to eliminate CO2 emissions and address other logistics-sector challenges. The company has recruited industrial partners including Proterra (its battery supplier) and Agility (a large global logistics firm). Volta has attracted investor interest and completed a recent oversubscribed equity raising, signaling continued external support for its product and commercial plan. The company’s activities and partnerships were presented as progress by existing investors, though management and investors note the business carries commercial and financial risks. Public company disclosures about the financing were released on 16 September 2021.

Total raised

$363M

Funding rounds

3

Latest round

Series C

Latest activity

Oct 2022