Volta Trucks is back. CEO Essa Al-Saleh gives updates about the company’s plans for 2024
The e-truck manufacturer is preparing for a sustainable comeback in selected European markets (UK, France, Germany, Scandinavia) under new ownership, relying on a simplified and more capital efficient business model. The new company, Volta Commercial Vehicles Ltd, is registered in the UK and re-launch activities are now underway with a team of around 150 employees.
Volta Trucks is back, and that’s remarkable news. The e-truck manufacturer is preparing for a sustainable comeback in selected European markets (UK, France, Germany, Scandinavia) under new ownership, relying on a simplified and more capital efficient business model. Since the end of last year, a long-time financial backer, Luxor Capital, has worked with an experienced and dedicated team to recapitalize Volta Trucks and develop a simplified and capital efficient business plan.
Volta Trucks’ second life under a new company name
The new company, Volta Commercial Vehicles Ltd, is registered in the UK and re-launch activities are now underway with a team of around 150 employees, passionate to bring vehicles back on the streets of European cities. Vehicle development for series production of the 16t and 18t versions of the Volta Zero is ongoing and timed to meet the GSR-2 (General Safety Requirement) standards, effective in July. Customer trials in live operations have started in UK, with a larger fleet of vehicles available in the second quarter to also cover Germany, France, Nordics, and Austria. Joint planning with Steyr Automotive in Austria targets resuming series production later this year.
“We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial fundraising round, and ensure series vehicles are ready for delivery. 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”, said Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles Ltd.
Maintenance and service offer
“During the last couple of months, we have analyzed 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,” added Essa Al-Saleh.
“We have started our User Experience trials in the UK and will have a fleet of 15+ Volta Zeros operating in UK, Germany, and France by May. These vehicles will be available to customers for in-field use and are an important step to driving the adoption of electric commercial vehicles. We are also working with select customers on featuring our Volta Zero in Paris, as part of contributing to ‘the greenest Olympics ever'”, he added.
The revised supply chain
As for the supply chain, “We are working closely with each of our more than 100 suppliers to develop individual plans for resuming deliveries in line with our production plans. We are thankful for the positive engagement and the constructive dialogue to achieve our mutual objectives”, stated Volta’s CEO.
Finally, Luxor Capital is supporting a funding plan that includes a round of convertible financing over the next month, and a larger Series-A round for investors towards the middle of the year. This funding will bring Volta Trucks through the phase of implementing series production and delivering vehicles.
