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Volta Trucks, a leading electric truck company, announced receiving new funding and shared an update on order numbers Thursday morning.
What Happened: The Swedish electric vehicle company said it had raised EUR 37 million ($43.58 million) in a Series B funding round.
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Luxor Capital Group, an existing investor, led the Series B round, which also saw participation from Proterra (NASDAQ:PTRA) and Agility.
The company shared an update of hitting more than 2,500 pre-orders and hitting an order value of more than EUR 600 million. The order value for Volta has doubled in the past three months, the company reported.
“To be able to concurrently announce that we now have over 2,500 pre-orders for the full-electric Volta Zero, shows that customers also understand and share our mission to [revolutionize] and [decarbonize] city [center] logistics and bring full-electric commercial vehicles to market as soon as possible,” Volta Trucks CEO Essa Al-Saleh said.
The company will develop Pilot Fleet vehicles for customers in London and Paris in mid-2022 and plans to enter full-scale production by the end of 2022.
Related Link: See Benzinga's Electric Vehicle Hub
Why It’s Important: Proterra joins as an investor in Volta Trucks. The company is a battery supplier on the Volta Zero.
Agility is a supply chain and logistics company that joins as an investor to continue on its strategy of investing in companies that have shown supply chain sustainability.
Volta plans to have over 27,000 vehicles to be sold by 2025. The company has a manufacturing partnership with Steyr Automotive.
The Volta Zero will come with a range of 95 miles to 125 miles and could eliminate 1.2 million tonnes of Co2 by 2025.
Photo: Courtesy of Volta Trucks
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.