News / Volta's new owner gearing up for electric truck summer launch

Image: Volta

Volta Trucks has officially announced its comeback, and will be re-entering the European market later this year with a new owner.  

In January, The Loadstar broke the news that a Volta Trucks return was in the pipeline, revealing details of the sale to Luxor Capital. 

The European electric truck manufacturer entered administration in October after its sole battery supplier, US company Proterra, entered a Chapter 11 bankruptcy process. 

The administrator said: “As the trucks were in development stage and had yet to generate revenue, both the group and the company have been loss-making since incorporation.”   

But, just 48 days after going into administration, Volta Trucks was bought by long-term financial backer Luxor Capital. 

Vota said today: “Since then, Luxor Capital has worked with an experienced and dedicated team to recapitalise Volta Trucks and develop a simplified and capital efficient business plan.” 

The new company, Volta Commercial Vehicles, is registered in the UK and has a team of around 150. Volta Trucks had employed some 649 people and had kept 118 “to assist sale processes and preserve value in the core areas of the business”.   

Volta Commercial Vehicles’ customer trials are under way in the UK and in Q2 will commence in Germany, France, the Nordics and Austria. 

While the official market release date has not been announced, Volta said vehicle development for production of the 16-tonne and 18t versions of the Volta Zero were timed to meet the GSR-2 (General Safety Regulation) standards, which will be effective in July.  

It also said the Volta Zero would be on the road for the Paris Olympics, which open on 26 July.  

CEO of the new Volta Trucks Commercial Vehicles, and former CEO of Volta, Essa Al-Saleh said: “During the last couple of months, we have analysed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability.  

“The new Volta trucks will provide an innovative ‘chassis-cab’ product, supported by a tailored maintenance and service offering and partnerships with certified body builders. We believe this will best support our customers’ immediate needs and facilitate the electrification transition.” 

Volta said it was looking to confirm orders with past customers, reassemble its supply chain, complete a crucial fundraising round and ensure series vehicles are ready for delivery.  

DB Schenker had previously ordered 1,500 medium-duty electrified trucks. 

“Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever,” concluded Mr Al-Saleh.