Swedish startup Volta Trucks, maker of the Volta Zero electric truck, has filed for bankruptcy proceedings.
The company says the decision is a consequence of its battery supplier Proterra filing for “Chapter 11 bankruptcy” protocols in August.
This had a “significant impact” on manufacturing plans, reducing the volume of vehicles that Volta had forecast to produce, the board said in a statement on October 17.
Volta Trucks came to the scene in 2019 with plans to revolutionise commercial vehicle operations. It created the world’s first purpose built 16-tonne all-electric truck with piloting in five countries in Europe.
DB Schenker had ordered 1500 Volta Zero trucks and Volta Trucks had planned to enter the US market. The company had other electric mobility plans too.
“However, like all scale-ups in the EV manufacturing sector, Volta Trucks has faced challenges along the way,” the board said.
“The uncertainty with our battery supplier also negatively affected our 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,” it said.
The main trading entity of the group, Volta Trucks Limited, filed for administration in England, with insolvency practitioners from Alvarez & Marsal taking office.
“The board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners.
“We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero emission commercial vehicle,” it said.
Volta Trucks’ website lists joint administrators and directs all enquiries to an email address.
