Volta Trucks files for bankruptcy
Volta Trucks has announced it is filing for bankruptcy.
The manufacturer of electric vehicles was founded in 2019 to deliver zero emission commercial vehicles.
It created the world’s first purpose built 16-tonne all-electric truck, which piloted in five countries in Europe, and created demand among a chain of highly reputed customers.
However, the recent news that battery supplier Proterra filed for Chapter 11 Bankruptcy has had a significant impact on manufacturing plans and reduced the volume of vehicles that the company had forecast to produce.
The uncertainty with the battery supplier has also negatively affected the company’s ability to raise sufficient capital.
The company said: “With deep and sincere regret, the board has 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.
“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.”
