Buyer found for Volta Trucks

Luxor Capital Group has bought Volta Trucks for an undisclosed sum after the electric truck manufacturer filed for bankruptcy in October.

It had been reported early last week that the New York-based hedge fund, which was both a shareholder in and lender to Volta Trucks, was closing in on a deal to buy the business.

The administrators to Volta Trucks have now confirmed the sale of the business and assets to Volta Commercial Vehicles, owned by Luxor Capital Group. By facilitating its acquisition, it safeguards the future of Volta Trucks.

The electric truck manufacturer filed for bankruptcy in Sweden in October and days later appointed administrators in the UK following the collapse of its battery supplier.

Proterra had filed for Chapter 11 Bankruptcy, which Volta Trucks says had a “significant impact” on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce.

The uncertainty with its battery supplier also negatively affected its ability to raise sufficient capital in what it described as an “already challenging capital-raising environment” for electric vehicle manufacturers.

Volta had been conducting customer trials of its all-electric truck, the Volta Zero, in Europe and the UK, and had only recently opened a service hub in London when it collapsed.

The Volta Zero has a claimed range of up to 200 kilometres and has been designed for multiple deliveries within a large town or city.

It features a central driving position, saving costs by easing pressure on the manufacturing process by having no need for left or right-hand drive versions.