Volta Trucksthe maker of the Volta Zero, a 16-ton all-electric vehicle designed for city center goods deliveries, has filed for bankruptcy following an inability to raise additional capital.
The disappearance of Volta Trucks affects more than 800 employees, including nearly 600 based in the United Kingdom.
The company cites the collapse of the Californian manufacturer of electric buses and specifically the batteries it was to supply to Volta Trucks, Proterra, in early August this year, as a significant factor in its decision to file for bankruptcy.
As a result, Volta Trucks says production forecast figures have been reduced and, without a secure battery supplier, the company has been unable to attract investors.
Volta Trucks had a total pipeline value of €4.2 billion, with a pre-order pipeline of €1.5 billion, and had attracted interest from numerous customers, including a pre-order from the logistics and transportation provider DB Schenker supply chain of 1,470 of its vehicles.
The company was running pilot programs in five European countries, including the United Kingdom. The question of whether or not to step in and seize Volta Truck’s assets and employees must certainly be the topic of the day for electric truck competitor Einride, especially since they are making a big boost in the UK from the start of this year.
Founded in mid-2019, Volta Trucks has raised around €370 million via investors including Luxor Capital Group, historic backers of Glovo, Delivery Hero and Spanish electric vehicle charging provider Wallbox.
Main image: Volta Zero. Photo: Stanley Chen Xi