Confirming the news yesterday, Volta Trucks said it had “accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future.”
The company added that it had “received fantastic feedback, which led to a strong pipeline of highly reputed customers who wanted to introduce our Volta Zero Trucks into their fleets.”
However, the electric truck startup then went on to explain that its battery supplier (Proterra) had filed for Chapter 11 Bankruptcy. According to Volta Trucks, this had a significant impact on the company’s manufacturing plans, thereby reducing the volume of vehicles that it had forecast to produce.
Moreover, the uncertainty with the battery supplier also negatively affected Volta Trucks’ ability to “raise sufficient capital in an already challenging capital-raising environment for electric vehicle players.”
“With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office. Other Group entities will also shortly file for insolvency proceedings in the relevant jurisdictions,” said Volta Trucks, commenting on its unfortunate fate.
The company added that its Board had not taken this course easily or lightly, and that it is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners.