Nikola backer Luxor invests in Volta Trucks

Swedish electric truck startup Volta raised $20 million via convertible-debt funding round, led by Luxor.
By : Bloomberg
| Updated on: 27 Jan 2021, 09:32 AM
File photo of a Volta Truck (AFP)
File photo of a Volta Truck (AFP)
File photo of a Volta Truck (AFP)
File photo of a Volta Truck

Nikola Corp. backer Luxor Capital Group LP is investing in European electric-truck startup Volta Trucks AB to help the company scale its manufacturing and expand into North America and Asia.

Volta raised $20 million via a convertible-debt funding round led by New York-based Luxor, which has previously invested in startups including Lordstown Motors Corp. and Hyliion Holdings Corp., the Swedish company said in a statement.

Similar Cars

Find More Cars
Tata Tigor Ev (HT Auto photo)
Tata Tigor Ev
Electric | Automatic
₹11.99 - 13.14 Lakhs**Ex-showroom price
Tata Altroz Ev (HT Auto photo)
Tata Altroz Ev
₹12 - 15 Lakhs* *Expected Price
Tata Nexon Ev (HT Auto photo)
Tata Nexon Ev
Electric | Automatic
₹13.99 - 16.85 Lakhs**Ex-showroom price
Tata Nexon Ev Max (HT Auto photo)
Tata Nexon Ev Max
Electric | Automatic
₹17.74 - 19.24 Lakhs**Ex-showroom price
Mg Zs Ev (HT Auto photo)
Mg Zs Ev
Electric | Automatic
₹21 - 24.68 Lakhs**Ex-showroom price
Mg Zs Ev 2022 (HT Auto photo)
Mg Zs Ev 2022
Electric | Automatic
₹21.99 - 25.88 Lakhs**Ex-showroom price

Volta will work on a plan to raise further funds this year, Chief Executive Officer Rob Fowler said in an interview. “Nothing is off the table and we’re assessing all different routes for business, both private and public," he said.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

The company last year unveiled the Zero, a 16-ton battery-powered truck designed to haul goods as far as 125 miles on a single charge. Volta plans to start large-scale manufacturing by the end of 2022 after receiving more than 1,200 orders, the CEO said.

Electric big rigs are seeing increasing interest from investors. Nikola went public last year after merging with a specialty purpose acquisition company, with Hyliion and several other clean-transportation startups following suit. Incumbents including Daimler AG and Volvo AB are planning to roll out several battery-powered models in the coming years.

Volta expects to “far exceed" its previous target to manufacture 5,000 trucks by 2025, as a rising number of cities impose curbs on diesel vehicles to reduce inner-city pollution, the company said. While Volta had aimed to sell its trucks mainly in Europe, the company now plans to expand into North America and Asia, Fowler said.

Before Luxor, Volta had been backed mostly by Scandinavian investors. The company employs more than 80 people and plans to continue adding staff in engineering and manufacturing.

First Published Date: 27 Jan 2021, 09:27 AM IST
Recommended For You
View All

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city