The hedge fund Luxor Capital was one of the largest investors in the e-truck manufacturer even before Volta went bankrupt. Luxor has now decided to take over the start-up and founded its own subsidiary, “Volta Commercial Vehicles Limited”. Volta was founded and has its headquarters in Sweden, but maintains its operations primarily in England. “We are pleased that we have secured the future of Volta Trucks through the takeover,” said a spokesman.
The e-truck manufacturer filed for bankruptcy in October after its important supplier Proterra had already filed for bankruptcy. The uncertainty about the supplier’s future had made it significantly more difficult to start further rounds of financing, it was said at the time. Before going bankrupt, the start-up Volta had collected around 500 million from investors and accepted orders for around 5,000 e-trucks.
The start-up is not lacking in prominent names: just in May, former VW top manager Martin Hofmann was appointed “Chief Technology Officer”. started with the truck manufacturer. When he first started, Volta CEO Essa Al Saleh gave Hofmann the big task of developing “a digital ecosystem around the vehicle”. Volta wants to do more than just sell trucks. The brand also promises customers a “truck-as-a-service” offer: for a monthly fee, customers will receive not only the vehicle but also charging infrastructure and packages for maintenance, insurance and training.
The first model from the company, founded in Sweden in 2019, is the Volta Zero, an electric 16-ton truck for last-mile deliveries. Volta promises a range of 150 to 200 kilometers. Steyr Automotive is responsible for building the trucks. The Austrian contract manufacturer can look back on a young history: MAN had built trucks in Steyr until mid-2021, then the WSA company took over the plant. Behind WSA is Siegfried Wolf (65), a dazzling car veteran. Wolf should be very pleased about the entry of Luxor Capital and the temporary rescue of Volta.
As one of the Swedes’ first major customers, the logistics group Schenker, a subsidiary of Deutsche Bahn, ordered 150 e-trucks and planned for them in its fleet this year. Together with Schenker, Volta also tested the “Zero” in Paris in September 2022. It is uncertain when Schenker can expect the vehicles. As of today, it is at least no longer impossible that the DB subsidiary will ever get the trucks.