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Tuesday, March 19, 2024

Swedish automotive startup Volta Trucks raises €60M and partners with Siemens

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Stockholm-based startup Volta Trucks has raised €60 million in its Series C extension which brings the company’s total investment to over €360 million to date. This additional support was from all its current investors. Volta Trucks builds a full electric truck specifically to be used in and around cities and urban areas. Earlier this month, Siemens Smart Infrastructure and Volta Trucks announced a strategic partnership to deliver and scale eMobility charging infrastructure to simplify the transition to fleet electrification.

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.

Volta Trucks, Douglas SnyderConfirming the new investment, Douglas Snyder, Chairman of the Board of Directors of Volta Trucks, said; “At Volta Trucks, we have a very loyal, engaged and future-facing cap table of investors supporting our journey. Nobody has done what Volta Trucks is doing before, and this needs significant investor confidence and trust in the company vision, strategy, business case and ongoing deliverables.

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.”

Volta Trucks and Siemens Smart Infrastructure, the leader in electrification, 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.

Volta Trucks, Siemens, Thomas Kiessling“Through our partnership with Volta Trucks, we intend to co-create Transportation as a Service solutions, and deliver Volta Trucks’ customers higher uptime, a commitment to reliability through performance-based contracts, and reduced energy expenditure. As commercial fleets look to meet sustainability goals and deliver cost effective, robust infrastructure solutions, we are pleased to be able to partner with Volta Trucks,” said Thomas Kiessling, Chief Technology Officer of Siemens Smart Infrastructure.


Volta Trucks, Essa Al-Saleh“I am delighted that Volta Trucks will be working with Siemens to bring industry-leading charging infrastructure solutions for our Truck as a Service customers,” said Essa Al-Saleh, Chief Executive Officer of Volta Trucks. “To deliver the electrification of urban logistics at pace and scale, we need operationally efficient electrification infrastructure aligned to the exact requirement of each fleet. In Siemens, we have a world-class partner with the innovative technical solutions our customers will expect. Together, we are confident that our partnership with accelerate the migration to electrification.”

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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