In an open letter to stakeholders, Volta Trucks CEO Essa al-Saleh has unveiled a “sharpened” business plan for the company, which filed for administration in October 2023. According to the letter, the future looks brighter for the electric truck start-up than ever.
First of all, Luxor Capital provided seed funding to restart the business and Volta Trucks is now actively seeking further investment. This includes an immediate funding round followed by a larger Series A offering in mid-2024. The successful completion of the Series A funding is seen as a critical step before production can resume.
Despite the challenges facing the company, Volta Trucks reports continued commitment from its potential customer base. Many customers remain enthusiastic about the introduction of electric vehicles and are eager to participate in upcoming trials, the CEO’s letter said.
To further customer engagement, Volta Trucks has initiated “User Experience” trials in the UK. The plan is to have a fleet of over 15 Volta Zeros operating across the UK, Germany, and France by May 2024. This will allow potential customers to experience the vehicles firsthand and gather valuable data for future development.
Adding a touch of green to the upcoming sporting event, Volta Trucks is collaborating with select clients to showcase the Volta Zero at the Paris Olympics, contributing to the organisers’ goal of staging the “greenest Olympics ever.”
The Series A funding round is crucial for restarting production. Once secured, Volta Trucks plans to partner with long-standing manufacturer Steyr Automotive for a controlled ramp-up later this year.
Al-Saleh reassured stakeholders that Volta Trucks is actively working with its network of over 100 suppliers to establish individual plans that align with the new production schedule. The company emphasises positive engagement and constructive dialogue with its suppliers.
According to the letter, building on existing relationships, Volta Trucks has finalised agreements or is in advanced discussions for service support with over 100 workshops across Europe. Discussions are also underway to extend the network to a further 14 countries.
Despite the recent hurdles, Volta Trucks maintains its commitment to product development. GSR2 certification, systems development, and body builder processes are all ongoing to ensure smooth production and delivery once it resumes.
Al-Saleh adds that Volta Trucks remains committed to its vision of delivering “the safest, most driver and urban-friendly electric vehicle in its class”. The company promises ongoing updates as the plan progresses and promises to work closely with all stakeholders to realise this vision.
This announcement follows a tumultuous period for Volta Trucks. The company filed for bankruptcy in October 2023 due to challenges with its battery supplier and a difficult fundraising environment. However, Luxor Capital’s acquisition in December 2023 secured the company’s future, and the partnership with Steyr Automotive, the original manufacturer of the Volta Zero, signals a return to production.