In a statement Volta Trucks said, it had raised $260 million (230 million euros) through a Series C funding round, to help it launch the series production of its Volta Zero electric truck late this year.
Stockholm-based Volta Trucks, which also operates in the UK, said the funding round was led by hedge fund Luxor Capital, which had previously invested in Volta Trucks.
Incidentally, the company’s seed investor Byggmastare Anders J Ahlstrom Holding AB also participated in the Series C funding round, which brings the total Volta Trucks has raised to around 300 million euros.
Protoypes of the Volta Zero, a 16-tonne fully-electric truck, will be delivered to customers in mid-2022, with series production due to start in late 2022.
The 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,” said Volta Trucks’ CEO Essa Al-Saleh in a statement.
The company said its order book now exceeds 5,000 vehicles with a value of 1.2 billion euros.
The funding will also fund the development of 7.5-tonne and 12-tonne electric trucks.
Volta Trucks plans to make 5,000 trucks at its plant in Steyr, Austria, in 2023, and annual production should rise to 27,000 by 2025.