Hundreds of UK jobs at electric truck maker Volta Trucks Ltd, which went bust in October, have been saved after a purchase deal with Luxor Capital Group was agreed.
The venture fund was previously a shareholder and significant investor of the stricken firm's Swedish parent company, Volta Trucks AB.
In October, Volta announced difficulties in raising enough funds to stay afloat “in an already challenging capital-raising environment for electric vehicle players” due to uncertainties around battery suppliers, it said. This in turn stalled production.
Today, administrators have confirmed the firm's UK arm – including all assets – has been sold to newly founded, Luxor-owned Volta Commercial Vehicles Ltd.
“We’re pleased to have safeguarded the future of Volta Trucks,” it said. Luxor itself has yet to comment.
No financial details have been disclosed; the agreement doesn't include the sale of the Swedish parent company. Last February, Luxor was part of a financing round that raised €230 million for Volta.
The firm’s financial issues followed key parts supplier Proterra going bust in August, which “had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce”.
Volta is known for its purpose-built 16-tonne electric truck, which was created with a goal of reducing pollution within cities and urban areas.
Testing has already taken place in five countries in Europe. When the firm went bust, order books stood at more than 5000 vehicles and investment totalled around £2.6m.
“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,” Volta said in October.
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I cannot predict success for companies without imagination, Tesla were the first to choose a name in memory of a genius in the field of electromagnetics. Then came the non imaginative followers Future Faraday, Nikola, Volta and the cars Chevrolet Volt and Opel Ampera. The only way to success: Recruit creative and inaginative people. Now!!!
I cannot predict success for companies without imagination, Tesla were the first to choose a name in memory of a genius in the field of electromagnetics. Then came the non imaginative followers Future Faraday, Nikola, Volta and the cars Chevrolet Volt and Opel Ampera. The only way to success: Recruit creative and inaginative people. Now!!!