Volta Trucks raises additional funds, partners Siemens Smart Infrastructure
Volta Trucks, full-electric commercial vehicle manufacturer and services provider, confirmed the successful extension of its Series C funding round from February 2022, with an additional 60 million euro of capital into the company.This is in addition to the 230 million euro already raised. The round was supported by all current investors. This brings the total investment into the company to over 360 million euro to date.
The Series C Extension validates the company’s continued progress. Its accelerated engineering, testing and certification work continues apace ahead of the start of production of customer vehicles in Q1-2023. On the commercial side, the company currently has thousands of pre-orders for the full-electric Volta Zero.
Confirming the new investment, Douglas Snyder, Chairman of the Board of Directors of Volta Trucks, said, “ The extension to our Series C funding round gives us further positive external validation of our journey, and our pre-order book gives us confidence from our customers that we are developing a product that the market needs.”
The electric truck manufacture has also partnered Siemens to accelerate commercial fleet electrification. Volta Trucks and Siemens Smart Infrastructure, have signed a letter of intent, outlining a cooperation to deliver comprehensive charging infrastructure and software to Volta Trucks customers, to simplify, de-risk, and accelerate their transition to commercial fleet electrification.
The strategic partnership looks to bring together Volta Trucks’ unique solution to commercial vehicle fleet electrification and operational expertise through its Truck as a Service offer, and Siemens’ global experience in electric vehicle support solutions. This includes software control systems, facility electrification, charging infrastructure, energy management, building equipment and project finance. The partnership will support Volta Trucks’ customers by providing infrastructure for full electrification aligned with their operational needs.
The company has also completed the first customer driving evaluations of the Volta Zero Design Verification prototype in European launch markets.
The evaluations were undertaken at proving grounds in Paris, Madrid, Milan, Selm in Germany and Millbrook, England. With over 1,500 test drives from organisations and international media, the feedback from the evaluation activities will be integrated into the future product roadmap.
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