Electric truck company Volta has raised €230 million (£192m) in a latest funding round as it looks to ramp up production plans this year.
This latest capital raise will fund the company’s engineering and business operations until after the start of series production of the 16-tonne full-electric Volta Zero at the end of 2022.
This includes the completion of a fleet of design verification prototypes for engineering development and testing, as well as a fleet of product verification vehicles that will be evaluated by customers in London and Paris in mid-2022.
It will also fund the continued development of the recently confirmed 7.5- and 12-tonne full-electric Volta Zero derivatives, as well as prepare the company’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year.
Essa Al-Saleh, Volta Trucks chief executive, said: “As an innovator and disruptor in commercial vehicles, we are working at an industry-leading pace and have significant ambitions.
“This latest funding gives us the financial runway to be able to deliver on all our goals as we transition from a start-up to a manufacturer of full-electric trucks.
“The confirmation of our orderbook of over 5,000 vehicles with an order book value exceeding €1.2 billion, gives us and our investors confidence that our product and service offering is both wanted and needed by our customers.”